Exhibit 99.2
SL Green Realty Corp.
Fourth quarter
Supplemental Data
December 31, 2012
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SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily acquires, owns, manages, leases and repositions office properties in emerging, high-growth submarkets of Manhattan.
· SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.
· SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found. Such information is not incorporated into this supplemental financial package. This supplemental financial package is available through the Company’s internet site.
· This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided from the perspective of timeliness to assist readers of quarterly and annual financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.
Forward-looking Statement
This press release contains “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 press release are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the strength of the commercial office real estate markets in the New York metro area, reduced demand for office space, unanticipated increases in financing and other costs, competitive market conditions, unanticipated administrative costs, divergent interests from or the financial condition of our joint venture partners, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, environmental, regulatory and/or safety requirements, and other factors, all of which are beyond the Company’s control. Additional information or factors that could affect the Company and the forward-looking statements contained herein are included in the Company’s filings with the Securities and Exchange Commission.
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The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Ratings
Ratings are not recommendations to buy, sell or hold the Company’s securities.
The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended December 31, 2012 that will be released on Form 10-K to be filed on or before March 1, 2013.
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TABLE OF CONTENTS | |
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Highlights of Current Period Financial Performance |
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Unaudited Financial Statements |
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Corporate Profile |
| 5 |
Highlights |
| 6-13 |
Comparative Balance Sheets |
| 14-15 |
Comparative Statements of Operations |
| 16 |
Comparative Computation of FFO and FAD |
| 17 |
Consolidated Statement of Equity |
| 18 |
Joint Venture Statements |
| 19-21 |
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Selected Financial Data |
| 22-25 |
Debt Summary Schedule |
| 26-28 |
Summary of Ground Lease Arrangements |
| 29 |
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Debt and Preferred Equity Investments |
| 30-32 |
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Selected Property Data |
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Composition of Property Portfolio |
| 33-36 |
Largest Tenants |
| 37 |
Tenant Diversification |
| 38 |
Leasing Activity Summary |
| 39-42 |
Annual Lease Expirations |
| 43-44 |
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Summary of Real Estate Acquisition/Disposition Activity |
| 45-48 |
Corporate Information |
| 49 |
Analyst Coverage |
| 50 |
Supplemental Definitions |
| 51 |
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CORPORATE PROFILE | |
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SL Green Realty Corp., or the Company, is New York City’s largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.
The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman. For more than 25 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan. The Company’s investment focus is to create value through strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.
In 2007, SL Green acquired Reckson Associates Realty Corp. and added over 9 million square feet to its portfolio. Included in this total is over 3 million square feet of Class A office space located in Westchester, New York and Stamford, Connecticut. These suburban portfolios serve as natural extensions of SL Green’s core ownership in the Grand Central submarket of Midtown Manhattan. The Company has since made selective additions and dispositions to the holdings in these areas.
Looking forward, SL Green plans to continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and debt and preferred equity investments. This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.
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FOURTH QUARTER 2012 HIGHLIGHTS UNAUDITED | |
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Summary
New York, NY, January 30, 2013 – SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $107.2 million, or $1.14 per diluted share, for the quarter ended December 31, 2012, compared to $90.3 million, or $1.02 per diluted share, for the same quarter in 2011. The Company also reported funds from operations, or FFO, of $490.3 million, or $5.28 per diluted share, for the year ended December 31, 2012, compared to $413.8 million, or $4.80 per diluted share, for the year ended December 31, 2011.
Net income attributable to common stockholders totaled $20.0 million, or $0.22 per diluted share, for the quarter ended December 31, 2012, compared to $2.8 million, or $0.03 per diluted share, for the same quarter in 2011. Full year net income attributable to common stockholders totaled $156.0 million, or $1.74 per diluted share, for the year ended December 31, 2012, compared to $617.2 million, or $7.33 per diluted share, for the year ended December 31, 2011.
Operating and Leasing Activity
For the fourth quarter of 2012, the Company reported revenues and operating income of $350.7 million and $180.2 million, respectively, compared to $328.9 million and $167.5 million, respectively, for the same period in 2011. For the year ended December 31, 2012, the Company reported revenues and operating income of $1.4 billion and $834.0 million, respectively, compared to $1.3 billion and $702.4 million, respectively, for the same period in 2011.
Same-store cash NOI on a combined basis increased by 3.8 percent to $173.6 million for the quarter ended December 31, 2012 as compared to the same period in 2011, after giving consideration to 1515 Broadway as a consolidated property and 521 Fifth Avenue as an unconsolidated joint venture. After giving effect to these same adjustments, consolidated property same-store NOI increased by 3.8 percent to $147.7 million and unconsolidated joint venture property same-store NOI increased 3.4 percent to $25.9 million.
Same-store cash NOI on a combined basis increased by 4.8 percent to $684.2 million for the year ended December 31, 2012 as compared to the same period in 2011, after giving consideration to 1515 Broadway as a consolidated property and 521 Fifth Avenue as an unconsolidated joint venture. After giving effect to these same adjustments, consolidated property same-store cash NOI increased by 4.7 percent to $580.9 million and unconsolidated joint venture property same-store cash NOI increased 4.9 percent to $103.4 million.
Occupancy for the Company’s stabilized, same-store Manhattan portfolio at December 31, 2012 was 93.8 percent compared to 93.0 percent at December 31, 2011 and 93.3 percent at September 30, 2012.
During the quarter, the Company signed 54 office leases in its Manhattan portfolio totaling 321,622 square feet. Fourteen leases totaling 131,746 square feet represented office leases that replaced previous vacancy, and 40 office leases comprising 189,876 square feet had average starting rents of $57.99 per rentable square foot, representing a 4.2 percent increase over the previously fully escalated rents on the same office spaces. The
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FOURTH QUARTER 2012 HIGHLIGHTS UNAUDITED | |
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average lease term on the Manhattan office leases signed in the fourth quarter was 8.3 years and average tenant concessions were 4.4 months of free rent with a tenant improvement allowance of $36.96 per rentable square foot.
During the quarter, 290,108 square feet of office leases commenced in the Manhattan portfolio, 83,819 square feet of which represented office leases that replaced previous vacancy, and 206,289 square feet of which represented office leases that had average starting rents of $56.96 per rentable square foot, representing a 2.4 percent increase over the previously fully escalated rents on the same office spaces.
Occupancy for the Company’s Suburban portfolio was 81.3 percent at December 31, 2012, compared to 82.6 percent at December 31, 2011, prior to the sale of One Court Square in Long Island City, and 81.5 percent at September 30, 2012.
During the quarter, the Company signed 25 office leases in the Suburban portfolio totaling 109,410 square feet. Eleven leases totaling 30,470 square feet represented office leases that replaced previous vacancy, and 14 office leases comprising 78,940 square feet had average starting rents of $31.74 per rentable square foot, representing a 6.4 percent decrease over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the fourth quarter was 5.2 years and average tenant concessions were 3.2 months of free rent with a tenant improvement allowance of $16.48 per rentable square foot.
During the quarter, 140,803 square feet of office leases commenced in the Suburban portfolio, 32,545 square feet of which represented office leases that replaced previous vacancy, and 108,258 square feet of which represented office leases that had average starting rents of $30.04 per rentable square foot, representing a 7.0 percent decrease over the previously fully escalated rents on the same office spaces.
Significant leases that were signed during the fourth quarter included:
· New lease on 57,359 square feet with Emerge212 3CC LLC for 15 years at 3 Columbus Circle;
· Early renewal on 44,646 square feet with Seven Eleven Car Park LLC for 10 years at 711 Third Avenue;
· New lease on 38,026 square feet with Robert Half International, Inc. for 11 years at 125 Park Avenue;
· Renewal and expansion on 29,397 square feet with Everest Reinsurance Company for 10 years at 461 Fifth Avenue;
· New lease on 22,047 square feet with Microsoft Corporation for 10.3 years at 641 Sixth Avenue; and
· Early renewal on 17,000 square feet with Blaire Corporation for 10.4 years at 6 Landmark Square, Stamford, CT.
Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2012 were $21.4 million, or 5.2 percent of total revenues including the Company’s share of joint venture revenue compared to $18.7 million, or 4.9 percent for the quarter ended December 31, 2011. MG&A expenses for the fourth quarter of 2012 included contributions totaling $430,000
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FOURTH QUARTER 2012 HIGHLIGHTS UNAUDITED | |
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to Hurricane Sandy-related charities. MG&A for the year ended December 31, 2012 was $82.8 million, or 5.1 percent of total revenues including the Company’s share of joint venture revenue compared to $80.1 million, or 5.4 percent for the year ended December 31, 2011.
Real Estate Investment Activity
In October 2012, the Company extended the ground lease at 673 First Avenue to August 2087, an additional 50 years past its scheduled 2037 expiration date, ensuring the Company’s ability to control the property and significantly enhancing its value.
In October 2012, the Company, formed a joint venture which entered into a 99-year triple net ground lease on 1080 Amsterdam Avenue, Manhattan, an 82,250 square foot, 96 unit residential building. The joint venture intends to embark on an extensive capital improvement program over the next two years to convert the property into a luxury Upper West Side residential address.
In November 2012, the Company sold a 49.5 percent interest in 521 Fifth Avenue at a gross sales price of $315.0 million and refinanced the property with a new $170.0 million, 7-year mortgage which bears interest at 220 basis points over the 30-day LIBOR for the first 2 years and at a fixed rate of 3.725 percent thereafter. This transaction generated $84.8 million in proceeds for the Company and resulted in a gain on sale of $19.4 million.
In December 2012, the Company acquired a 35.5 percent interest in the 147,619 square foot office property at 315 West 36th Street at a gross purchase price of $45.0 million. Simultaneously, the Company closed on a $25.0 million 5-year loan that bears a fixed rate of interest of 3.16 percent.
In December 2012, the Company acquired the 68,342 square foot retail property anchored by Burberry and Diesel located at 131-137 Spring Street in the popular SoHo neighborhood of Manhattan for total consideration of $122.3 million. The property includes prime retail space, office space, 6 residential rental units and 100 feet of ground floor frontage.
Debt and Preferred Equity Investment Activity
The Company’s debt and preferred equity investment portfolio totaled $1.4 billion at December 31, 2012. During the fourth quarter, the Company purchased and originated new debt and preferred equity investments totaling $291.6 million, all of which are collateralized by New York City commercial office properties, and recorded $13.0 million of principal reductions from investments that were sold, repaid or otherwise resolved. The debt and preferred equity investment portfolio had a weighted average maturity of 2.2 years as of December 31, 2012 and had a weighted average yield during the quarter ended December 31, 2012 of 9.88 percent.
In January 2013, the Company sold a 50 percent interest in a mezzanine loan secured by a New York City office property at 97 percent of par value, generating $57.8 million of proceeds to the Company, inclusive of $12.9 million of income.
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FOURTH QUARTER 2012 HIGHLIGHTS UNAUDITED | |
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Financing and Capital Activity
In November 2012, the Company closed on a new $1.6 billion credit facility, which refinanced, extended and upsized the Company’s previous $1.5 billion revolving credit facility that was put in place in November 2011. The new facility consists of a $1.2 billion revolving line of credit and a $400 million term loan, which currently bear interest at 145 basis points over LIBOR and 165 basis points over LIBOR, respectively. The facility now has an extended maturity date of March 2018, inclusive of the Company’s aggregate one-year as of right extension option on the revolving line of credit.
In November 2012, the Company closed an offering of $200.0 million aggregate principal amount of 4.50 percent senior notes due December 1, 2022. This offering generated $198.2 million in net proceeds for the Company.
In December 2012, the Company repurchased $22,680,000 of Reckson’s outstanding 5.875 percent notes due 2014 and $19,692,000 of Reckson’s outstanding 6.00 percent notes due 2016, pursuant to a tender offer, resulting in a charge of $3.9 million in the fourth quarter.
In the fourth quarter, the Company also added 673 First Avenue, 110 East 42nd Street and 609 Fifth Avenue to the unencumbered asset pool, resulting in a charge of $3.1 million in the fourth quarter.
Dividends
During the fourth quarter of 2012, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
· $0.33 per share of common stock, which was paid on January 15, 2013 to stockholders of record on the close of business on January 2, 2013;
· $0.4766 per share on the Company’s Series C Preferred Stock for the period October 15, 2012 through and including January 14, 2013, which was paid on January 15, 2013 to stockholders of record on the close of business on January 2, 2013, and reflects the regular quarterly dividend which is the equivalent of annualized dividend of $1.9064 per share; and
· $0.40625 per share on the Company’s Series I Preferred Stock for the period October 15, 2012 through and including January 14, 2013, which was paid on January 15, 2013 to stockholders of record on the close of business on January 2, 2013, and reflects the regular quarterly dividend which is the equivalent of annualized dividend of $1.625 per share.
SL Green Realty Corp.
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| As of or for the three months ended |
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| 12/31/2012 |
| 9/30/2012 |
| 6/30/2012 |
| 3/31/2012 |
| 12/31/2011 |
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Earnings Per Share |
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Net income available to common stockholders - diluted |
| $ | 0.22 |
| $ | 0.09 |
| $ | 1.14 |
| $ | 0.29 |
| $ | 0.03 |
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Funds from operations available to common stockholders - diluted |
| $ | 1.14 |
| $ | 1.12 |
| $ | 1.92 |
| $ | 1.10 |
| $ | 1.02 |
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Funds available for distribution to common stockholders - diluted |
| $ | 0.74 |
| $ | 0.81 |
| $ | 0.71 |
| $ | 0.87 |
| $ | 0.52 |
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Common Share Price & Dividends |
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At the end of the period |
| $ | 76.65 |
| $ | 80.07 |
| $ | 80.24 |
| $ | 77.55 |
| $ | 66.64 |
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High during period |
| $ | 79.63 |
| $ | 84.88 |
| $ | 83.31 |
| $ | 79.27 |
| $ | 71.33 |
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Low during period |
| $ | 71.37 |
| $ | 76.13 |
| $ | 70.91 |
| $ | 68.16 |
| $ | 55.14 |
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Common dividends per share |
| $ | 0.33 |
| $ | 0.25 |
| $ | 0.25 |
| $ | 0.25 |
| $ | 0.25 |
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FFO payout ratio |
| 29.0 | % | 22.4 | % | 13.0 | % | 22.7 | % | 24.6 | % | |||||
FAD payout ratio |
| 44.6 | % | 30.7 | % | 35.2 | % | 28.6 | % | 47.9 | % | |||||
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Common Shares & Units |
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Common shares outstanding |
| 91,250 |
| 90,363 |
| 89,938 |
| 88,855 |
| 86,045 |
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Units outstanding |
| 2,760 |
| 3,310 |
| 3,486 |
| 3,051 |
| 2,765 |
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Total common shares and units outstanding |
| 94,010 |
| 93,673 |
| 93,424 |
| 91,906 |
| 88,810 |
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Weighted average common shares and units outstanding - basic |
| 93,747 |
| 93,561 |
| 92,982 |
| 89,792 |
| 88,326 |
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Weighted average common shares and units outstanding - diluted |
| 94,011 |
| 93,891 |
| 93,351 |
| 90,173 |
| 88,744 |
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Market Capitalization |
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Market value of common equity |
| $ | 7,205,867 |
| $ | 7,500,397 |
| $ | 7,496,342 |
| $ | 7,127,310 |
| $ | 5,918,298 |
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Liquidation value of preferred equity/units |
| 442,050 |
| 442,050 |
| 442,050 |
| 442,050 |
| 392,500 |
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Consolidated debt |
| 6,520,420 |
| 6,388,277 |
| 6,278,024 |
| 6,081,046 |
| 6,094,696 |
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Consolidated market capitalization |
| $ | 14,168,337 |
| $ | 14,330,724 |
| $ | 14,216,416 |
| $ | 13,650,406 |
| $ | 12,405,494 |
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SLG portion of JV debt |
| 2,135,361 |
| 2,031,576 |
| 1,919,749 |
| 1,940,840 |
| 1,824,515 |
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Combined market capitalization |
| $ | 16,303,698 |
| $ | 16,362,300 |
| $ | 16,136,165 |
| $ | 15,591,246 |
| $ | 14,230,009 |
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Consolidated debt to market capitalization |
| 46.0 | % | 44.6 | % | 44.2 | % | 44.5 | % | 49.1 | % | |||||
Combined debt to market capitalization |
| 53.1 | % | 51.5 | % | 50.8 | % | 51.5 | % | 55.7 | % | |||||
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Consolidated debt service coverage |
| 2.1 |
| 2.2 |
| 2.3 |
| 2.1 |
| 2.2 |
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Consolidated fixed charge coverage |
| 1.8 |
| 1.9 |
| 2.0 |
| 1.8 |
| 1.8 |
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Combined fixed charge coverage |
| 1.6 |
| 1.7 |
| 1.8 |
| 1.6 |
| 1.7 |
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Supplemental Information | Fourth Quarter 2012 |
SL Green Realty Corp.
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| As of or for the three months ended |
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| 12/31/2012 |
| 9/30/2012 |
| 6/30/2012 |
| 3/31/2012 |
| 12/31/2011 |
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Selected Balance Sheet Data |
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Real estate assets before depreciation |
| $ | 11,667,698 |
| $ | 11,719,628 |
| $ | 11,512,204 |
| $ | 11,338,420 |
| $ | 11,202,854 |
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Investments in unconsolidated joint ventures |
| $ | 1,032,243 |
| $ | 1,020,790 |
| $ | 1,014,042 |
| $ | 1,022,931 |
| $ | 893,933 |
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Debt and Preferred Equity Investments |
| $ | 1,357,203 |
| $ | 1,071,641 |
| $ | 982,209 |
| $ | 999,573 |
| $ | 985,942 |
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Cash and cash equivalents |
| $ | 189,984 |
| $ | 162,363 |
| $ | 256,799 |
| $ | 133,665 |
| $ | 138,192 |
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Investment in marketable securities |
| $ | 21,429 |
| $ | 21,549 |
| $ | 23,502 |
| $ | 25,689 |
| $ | 25,323 |
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Total assets |
| $ | 14,387,754 |
| $ | 14,284,939 |
| $ | 14,139,113 |
| $ | 13,761,713 |
| $ | 13,483,852 |
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Fixed rate & hedged debt |
| $ | 4,922,725 |
| $ | 4,960,419 |
| $ | 4,966,192 |
| $ | 4,773,768 |
| $ | 4,832,209 |
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Variable rate debt |
| 1,597,695 |
| 1,427,858 |
| 1,311,832 |
| 1,307,278 |
| 1,262,487 |
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Total consolidated debt |
| $ | 6,520,420 |
| $ | 6,388,277 |
| $ | 6,278,024 |
| $ | 6,081,046 |
| $ | 6,094,696 |
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Total liabilities |
| $ | 7,218,194 |
| $ | 7,110,271 |
| $ | 6,998,546 |
| $ | 6,822,003 |
| $ | 6,833,513 |
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Fixed rate & hedged debt - including SLG portion of JV debt |
| $ | 6,181,112 |
| $ | 6,262,129 |
| $ | 6,362,471 |
| $ | 6,105,516 |
| $ | 6,176,764 |
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Variable rate debt - including SLG portion of JV debt |
| 2,474,669 |
| 2,157,724 |
| 1,835,302 |
| 1,916,370 |
| 1,742,447 |
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Total combined debt |
| $ | 8,655,781 |
| $ | 8,419,853 |
| $ | 8,197,773 |
| $ | 8,021,886 |
| $ | 7,919,211 |
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Selected Operating Data |
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Property operating revenues |
| $ | 309,429 |
| $ | 324,244 |
| $ | 309,273 |
| $ | 302,418 |
| $ | 294,495 |
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Property operating expenses |
| (136,368 | ) | (146,408 | ) | (130,335 | ) | (133,540 | ) | (126,223 | ) | |||||
Property operating NOI |
| $ | 173,061 |
| $ | 177,836 |
| $ | 178,938 |
| $ | 168,878 |
| $ | 168,272 |
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NOI from discontinued operations |
| 116 |
| 765 |
| (41 | ) | 545 |
| 1,945 |
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Total property operating NOI - consolidated |
| $ | 173,177 |
| $ | 178,601 |
| $ | 178,897 |
| $ | 169,423 |
| $ | 170,217 |
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SLG share of property NOI from JVs |
| 40,291 |
| 37,603 |
| 41,438 |
| 38,704 |
| 36,792 |
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Total property operating NOI - combined |
| $ | 213,468 |
| $ | 216,204 |
| $ | 220,335 |
| $ | 208,127 |
| $ | 207,009 |
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Debt and preferred equity investment income |
| 31,500 |
| 27,869 |
| 33,448 |
| 26,338 |
| 22,162 |
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Other income |
| 9,805 |
| 9,272 |
| 6,282 |
| 10,377 |
| 12,222 |
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Gain on early extinguishment of debt from JVs |
| — |
| 10,711 |
| — |
| — |
| — |
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Income from discontinued operations |
| 9,318 |
| — |
| — |
| — |
| — |
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Marketing general & administrative expenses |
| (21,372 | ) | (20,551 | ) | (20,721 | ) | (20,196 | ) | (18,728 | ) | |||||
EBITDA - combined |
| $ | 242,719 |
| $ | 243,505 |
| $ | 239,344 |
| $ | 224,646 |
| $ | 222,665 |
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Consolidated Debt to EBITDA (trailing-12 months) |
| 8.1 |
| 8.1 |
| 8.1 |
| 8.4 |
| 8.2 |
| |||||
Combined Debt to EBITDA (trailing-12 months) |
| 8.9 |
| 8.9 |
| 8.9 |
| 9.2 |
| 8.8 |
|
SL Green Realty Corp.
|
Manhattan Properties
|
| As of or for the three months ended |
| |||||||||||||
|
| 12/31/2012 |
| 9/30/2012 |
| 6/30/2012 |
| 3/31/2012 |
| 12/31/2011 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
| $ | 284,513 |
| $ | 280,419 |
| $ | 279,413 |
| $ | 276,528 |
| $ | 267,730 |
|
Property operating expenses |
| 119,567 |
| 119,170 |
| 112,911 |
| 117,836 |
| 106,609 |
| |||||
Property operating NOI |
| $ | 164,946 |
| $ | 161,249 |
| $ | 166,502 |
| $ | 158,692 |
| $ | 161,121 |
|
NOI from discontinued operations |
| 11 |
| 15 |
| (41 | ) | 545 |
| 1,945 |
| |||||
Total property operating NOI - consolidated |
| $ | 164,957 |
| $ | 161,264 |
| $ | 166,461 |
| $ | 159,237 |
| $ | 163,066 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income - consolidated |
| $ | 1,954 |
| $ | 555 |
| $ | 1,071 |
| $ | 3,011 |
| $ | 2,263 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of property NOI from unconsolidated JV |
| $ | 35,161 |
| $ | 35,124 |
| $ | 36,989 |
| $ | 34,418 |
| $ | 32,300 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service |
| 27 |
| 28 |
| 27 |
| 26 |
| 26 |
| |||||
Unconsolidated office buildings in service |
| 9 |
| 7 |
| 7 |
| 7 |
| 7 |
| |||||
|
| 36 |
| 35 |
| 34 |
| 33 |
| 33 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service - square footage |
| 18,347,945 |
| 18,807,945 |
| 18,644,945 |
| 18,429,945 |
| 18,429,945 |
| |||||
Unconsolidated office buildings in service - square footage |
| 5,934,434 |
| 5,326,815 |
| 5,326,815 |
| 5,326,815 |
| 6,191,673 |
| |||||
|
| 24,282,379 |
| 24,134,760 |
| 23,971,760 |
| 23,756,760 |
| 24,621,618 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter end occupancy- same store - combined office (consolidated + joint venture) |
| 93.8 | % | 93.3 | % | 93.2 | % | 93.4 | % | 93.0 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases commenced |
| 53 |
| 45 |
| 38 |
| 54 |
| 49 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commenced office square footage filling vacancy |
| 83,819 |
| 97,524 |
| 70,537 |
| 194,731 |
| 57,944 |
| |||||
Commenced office square footage on previously occupied space (M-T-M leasing) (1) |
| 206,289 |
| 117,813 |
| 1,885,192 |
| 539,487 |
| 354,760 |
| |||||
Total office square footage commenced |
| 290,108 |
| 215,337 |
| 1,955,729 |
| 734,218 |
| 412,704 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf - leases commenced |
| $ | 56.96 |
| $ | 48.73 |
| $ | 50.18 |
| $ | 69.81 |
| $ | 63.11 |
|
Previously escalated rents psf |
| $ | 55.61 |
| $ | 52.65 |
| $ | 50.12 |
| $ | 53.14 |
| $ | 58.64 |
|
Percentage of new rent over previously escalated rents (1) |
| 2.4 | % | -7.4 | % | 0.1 | % | 31.4 | % | 7.6 | % | |||||
Tenant concession packages psf |
| $ | 33.25 |
| $ | 52.96 |
| $ | 49.98 |
| $ | 22.41 |
| $ | 22.82 |
|
Free rent months |
| 2.7 |
| 3.8 |
| 8.3 |
| 2.1 |
| 2.5 |
|
(1) Calculated on space that was occupied within the previous 12 months
SL Green Realty Corp.
|
Suburban Properties (2)
|
| As of or for the three months ended |
| |||||||||||||
|
| 12/31/2012 |
| 9/30/2012 |
| 6/30/2012 |
| 3/31/2012 |
| 12/31/2011 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
| $ | 27,263 |
| $ | 25,796 |
| $ | 26,904 |
| $ | 26,038 |
| $ | 25,515 |
|
Property operating expenses |
| 14,442 |
| 14,064 |
| 13,809 |
| 12,633 |
| 14,872 |
| |||||
Property operating NOI |
| $ | 12,821 |
| $ | 11,732 |
| $ | 13,095 |
| $ | 13,405 |
| $ | 10,643 |
|
NOI from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| |||||
Total property operating NOI - consolidated |
| $ | 12,821 |
| $ | 11,732 |
| $ | 13,095 |
| $ | 13,405 |
| $ | 10,643 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income - consolidated |
| $ | 185 |
| $ | 2,670 |
| $ | 1,100 |
| $ | 607 |
| $ | 459 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of property NOI from unconsolidated JV |
| $ | 2,021 |
| $ | 2,446 |
| $ | 4,442 |
| $ | 4,287 |
| $ | 4,448 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service |
| 25 |
| 25 |
| 25 |
| 25 |
| 25 |
| |||||
Unconsolidated office buildings in service |
| 5 |
| 5 |
| 6 |
| 6 |
| 6 |
| |||||
|
| 30 |
| 30 |
| 31 |
| 31 |
| 31 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service - square footage |
| 3,863,000 |
| 3,863,000 |
| 3,863,000 |
| 3,863,000 |
| 3,863,000 |
| |||||
Unconsolidated office buildings in service - square footage |
| 1,539,700 |
| 1,539,700 |
| 2,941,700 |
| 2,941,700 |
| 2,941,700 |
| |||||
|
| 5,402,700 |
| 5,402,700 |
| 6,804,700 |
| 6,804,700 |
| 6,804,700 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter end occupancy- same store - combined office (consolidated + joint venture) |
| 81.3 | % | 81.5 | % | 82.4 | % | 82.9 | % | 82.6 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases commenced |
| 28 |
| 26 |
| 20 |
| 32 |
| 29 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commenced office square footage filling vacancy |
| 32,545 |
| 52,998 |
| 7,450 |
| 39,641 |
| 36,978 |
| |||||
Commenced office square footage on previously occupied space (M-T-M leasing) (1) |
| 108,258 |
| 81,739 |
| 209,109 |
| 106,337 |
| 47,354 |
| |||||
Total office square footage commenced |
| 140,803 |
| 134,737 |
| 216,559 |
| 145,978 |
| 84,332 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf - leases commenced |
| $ | 30.04 |
| $ | 31.89 |
| $ | 25.25 |
| $ | 33.74 |
| $ | 31.13 |
|
Previously escalated rents psf |
| $ | 32.30 |
| $ | 32.48 |
| $ | 31.60 |
| $ | 35.36 |
| $ | 33.72 |
|
Percentage of new rent over previously escalated rents (1) |
| -7.0 | % | -1.8 | % | -20.1 | % | -4.6 | % | -7.7 | % | |||||
Tenant concession packages psf |
| $ | 16.21 |
| $ | 14.32 |
| $ | 11.42 |
| $ | 8.62 |
| $ | 18.94 |
|
Free rent months |
| 4.7 |
| 2.6 |
| 8.9 |
| 2.0 |
| 2.2 |
|
(1) Calculated on space that was occupied within the previous 12 months
(2) Excludes the west coast office portfolio
COMPARATIVE BALANCE SHEETS
Unaudited |
|
| 12/31/2012 |
| 9/30/2012 |
| 6/30/2012 |
| 3/31/2012 |
| 12/31/2011 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial real estate properties, at cost: |
|
|
|
|
|
|
|
|
|
|
| |||||
Land & land interests |
| 2,886,099 |
| 2,937,866 |
| 2,872,122 |
| 2,816,831 |
| 2,684,626 |
| |||||
Buildings & improvements fee interest |
| 7,389,766 |
| 7,438,364 |
| 7,311,351 |
| 7,191,889 |
| 7,147,527 |
| |||||
Buildings & improvements leasehold |
| 1,346,748 |
| 1,331,190 |
| 1,316,523 |
| 1,317,492 |
| 1,302,790 |
| |||||
Buildings & improvements under capital lease |
| 40,340 |
| 12,208 |
| 12,208 |
| 12,208 |
| 12,208 |
| |||||
|
| 11,662,953 |
| 11,719,628 |
| 11,512,204 |
| 11,338,420 |
| 11,147,151 |
| |||||
Less accumulated depreciation |
| (1,393,323 | ) | (1,339,324 | ) | (1,269,979 | ) | (1,202,507 | ) | (1,136,603 | ) | |||||
|
| $ | 10,269,630 |
| $ | 10,380,304 |
| $ | 10,242,225 |
| $ | 10,135,913 |
| $ | 10,010,548 |
|
Other real estate investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment in and advances to unconsolidated joint ventures |
| 1,032,243 |
| 1,020,790 |
| 1,014,042 |
| 1,022,931 |
| 893,933 |
| |||||
Debt and preferred equity investments, net |
| 1,357,203 |
| 1,071,641 |
| 982,209 |
| 999,573 |
| 985,942 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Assets held for sale, net |
| 4,901 |
| 91,574 |
| 91,574 |
| — |
| 76,562 |
| |||||
Cash and cash equivalents |
| 189,984 |
| 162,363 |
| 256,799 |
| 133,665 |
| 138,192 |
| |||||
Restricted cash |
| 136,071 |
| 143,058 |
| 138,493 |
| 98,563 |
| 86,584 |
| |||||
Investment in marketable securities |
| 21,429 |
| 21,549 |
| 23,502 |
| 25,689 |
| 25,323 |
| |||||
Tenant and other receivables, net of $21,652 reserve at 12/31/12 |
| 48,544 |
| 35,315 |
| 32,728 |
| 29,020 |
| 32,107 |
| |||||
Related party receivables |
| 7,531 |
| — |
| 7,793 |
| 7,665 |
| 4,001 |
| |||||
Deferred rents receivable, net of reserve for tenant credit loss of $29,580 at 12/31/12 |
| 340,747 |
| 330,349 |
| 315,700 |
| 300,419 |
| 281,974 |
| |||||
Deferred costs, net |
| 261,145 |
| 253,137 |
| 249,147 |
| 211,728 |
| 210,786 |
| |||||
Other assets |
| 718,326 |
| 774,859 |
| 784,901 |
| 796,547 |
| 737,900 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 14,387,754 |
| $ | 14,284,939 |
| $ | 14,139,113 |
| $ | 13,761,713 |
| $ | 13,483,852 |
|
COMPARATIVE BALANCE SHEETS
Unaudited ($000’s omitted) |
|
| 12/31/2012 |
| 9/30/2012 |
| 6/30/2012 |
| 3/31/2012 |
| 12/31/2011 |
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages and other loans payable |
| $ | 4,615,464 |
| $ | 4,849,233 |
| $ | 4,861,463 |
| $ | 4,409,715 |
| $ | 4,314,741 |
|
Term loan and senior unsecured notes |
| 1,734,956 |
| 1,176,252 |
| 1,173,769 |
| 1,171,331 |
| 1,270,656 |
| |||||
Revolving credit facility |
| 70,000 |
| 200,000 |
| 80,000 |
| 400,000 |
| 350,000 |
| |||||
Accrued interest and other liabilities |
| 73,769 |
| 100,528 |
| 114,003 |
| 116,498 |
| 126,135 |
| |||||
Accounts payable and accrued expenses |
| 159,598 |
| 147,452 |
| 140,910 |
| 137,500 |
| 142,428 |
| |||||
Deferred revenue |
| 321,764 |
| 360,752 |
| 352,151 |
| 373,573 |
| 357,193 |
| |||||
Capitalized lease obligations |
| 37,518 |
| 17,167 |
| 17,148 |
| 17,130 |
| 17,112 |
| |||||
Deferred land lease payable |
| 20,897 |
| 18,833 |
| 18,721 |
| 18,608 |
| 18,495 |
| |||||
Dividends and distributions payable |
| 37,839 |
| 29,154 |
| 30,126 |
| 29,652 |
| 28,398 |
| |||||
Security deposits |
| 46,253 |
| 47,698 |
| 47,463 |
| 47,996 |
| 46,367 |
| |||||
Liabilities related to assets held for sale |
| 136 |
| 63,202 |
| 62,792 |
| — |
| 61,988 |
| |||||
Junior subordinated deferrable interest debentures |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| |||||
Total liabilities |
| $ | 7,218,194 |
| $ | 7,110,271 |
| $ | 6,998,546 |
| $ | 6,822,003 |
| $ | 6,833,513 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Noncontrolling interest in operating partnership (2,760 units outstanding) at 12/31/12 |
| 212,907 |
| 265,093 |
| 279,685 |
| 237,763 |
| 195,030 |
| |||||
Series G Preferred Units |
| 47,550 |
| 47,550 |
| 47,550 |
| 47,550 |
| — |
| |||||
Series H Preferred Units |
| 2,000 |
| 2,000 |
| 2,000 |
| 2,000 |
| 2,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
SL Green Realty Corp. Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Series C Perpetual Preferred Shares |
| 180,340 |
| 180,340 |
| 274,022 |
| 274,022 |
| 274,022 |
| |||||
Series D Perpetual Preferred Shares |
| — |
| — |
| 96,321 |
| 96,321 |
| 96,321 |
| |||||
Series I Perpetual Preferred Shares |
| 221,965 |
| 222,245 |
| — |
| — |
| — |
| |||||
Common stock, $.01 par value, 160,000 shares authorized, 94,896 issued and outstanding at 12/31/12 |
| 950 |
| 940 |
| 936 |
| 925 |
| 892 |
| |||||
Additional paid—in capital |
| 4,667,900 |
| 4,589,423 |
| 4,557,652 |
| 4,469,777 |
| 4,236,959 |
| |||||
Treasury stock (3,646 shares) at 12/31/12 |
| (322,858 | ) | (319,905 | ) | (319,866 | ) | (319,866 | ) | (308,708 | ) | |||||
Accumulated other comprehensive loss |
| (29,587 | ) | (29,281 | ) | (28,413 | ) | (24,376 | ) | (28,445 | ) | |||||
Retained earnings |
| 1,701,092 |
| 1,728,150 |
| 1,741,160 |
| 1,665,547 |
| 1,704,506 |
| |||||
Total SL Green Realty Corp. stockholders’ equity |
| 6,419,802 |
| 6,371,912 |
| 6,321,812 |
| 6,162,350 |
| 5,975,547 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Noncontrolling interest in other partnerships |
| 487,301 |
| 488,113 |
| 489,520 |
| 490,047 |
| 477,762 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity |
| $ | 6,907,103 |
| $ | 6,860,025 |
| $ | 6,811,332 |
| $ | 6,652,397 |
| $ | 6,453,309 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities and Equity |
| $ | 14,387,754 |
| $ | 14,284,939 |
| $ | 14,139,113 |
| $ | 13,761,713 |
| $ | 13,483,852 |
|
COMPARATIVE STATEMENTS OF OPERATIONS
Unaudited ($000’s omitted) |
|
| Three Months Ended |
| Three Months Ended |
| Twelve Months Ended |
| |||||||||
|
| December 31, |
| December 31, |
| September 30, |
| December 31, |
| December 31, |
| |||||
|
| 2012 |
| 2011 |
| 2012 |
| 2012 |
| 2011 |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
| $ | 268,067 |
| $ | 253,343 |
| $ | 281,447 |
| $ | 1,077,976 |
| $ | 961,935 |
|
Escalation and reimbursement revenues |
| 41,362 |
| 41,152 |
| 42,797 |
| 167,388 |
| 145,596 |
| |||||
Investment income |
| 31,500 |
| 22,162 |
| 27,869 |
| 119,155 |
| 120,418 |
| |||||
Other income |
| 9,805 |
| 12,222 |
| 9,272 |
| 35,736 |
| 35,479 |
| |||||
Total Revenues, net |
| 350,734 |
| 328,879 |
| 361,385 |
| 1,400,255 |
| 1,263,428 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity in net income (loss) from unconsolidated joint ventures |
| (4,570 | ) | (6,080 | ) | 11,658 |
| 76,418 |
| 1,583 |
| |||||
Gain (loss) on early extinguishment of debt |
| (6,978 | ) | — |
| — |
| (6,978 | ) | 904 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
| 72,198 |
| 71,916 |
| 83,964 |
| 298,322 |
| 263,709 |
| |||||
Ground rent |
| 11,296 |
| 8,810 |
| 8,874 |
| 37,866 |
| 32,919 |
| |||||
Real estate taxes |
| 52,874 |
| 45,497 |
| 53,570 |
| 210,467 |
| 174,454 |
| |||||
Loan loss and other investment reserves, net of recoveries |
| — |
| 8,592 |
| — |
| 564 |
| 6,722 |
| |||||
Transaction related costs |
| 1,227 |
| 1,741 |
| 1,372 |
| 5,625 |
| 5,561 |
| |||||
Marketing, general and administrative |
| 21,372 |
| 18,728 |
| 20,551 |
| 82,840 |
| 80,103 |
| |||||
Total Operating Expenses |
| 158,967 |
| 155,284 |
| 168,331 |
| 635,684 |
| 563,468 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 180,219 |
| 167,515 |
| 204,712 |
| 834,011 |
| 702,447 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense, net of interest income |
| 82,277 |
| 78,876 |
| 85,828 |
| 330,569 |
| 285,917 |
| |||||
Amortization of deferred financing costs |
| 7,824 |
| 4,649 |
| 4,493 |
| 19,450 |
| 14,118 |
| |||||
Depreciation and amortization |
| 93,765 |
| 74,951 |
| 83,408 |
| 332,028 |
| 277,345 |
| |||||
(Gain) Loss on equity investment in marketable securities |
| (2,703 | ) | (4,999 | ) | (2,237 | ) | (4,940 | ) | (4,866 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from Continuing Operations |
| (944 | ) | 14,038 |
| 33,220 |
| 156,904 |
| 129,933 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| 9,127 |
| 1,115 |
| 217 |
| 9,116 |
| 5,780 |
| |||||
Gain (loss) on sale of discontinued operations |
| — |
| — |
| — |
| 6,627 |
| 46,085 |
| |||||
Equity in net gain (loss) on sale of joint venture interest / real estate |
| 19,277 |
| (114 | ) | (4,807 | ) | 37,053 |
| 2,918 |
| |||||
Purchase price fair value adjustment |
| — |
| 8,306 |
| — |
| — |
| 498,195 |
| |||||
Depreciable real estate reserves, net of recoveries |
| — |
| (5,789 | ) | — |
| — |
| (5,789 | ) | |||||
Net Income |
| 27,460 |
| 17,556 |
| 28,630 |
| 209,700 |
| 677,122 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income attributable to noncontrolling interests |
| 481 |
| (7,202 | ) | (2,402 | ) | (11,188 | ) | (29,712 | ) | |||||
Dividends on preferred units |
| (574 | ) | — |
| (571 | ) | (2,107 | ) | — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (Loss) Attributable to SL Green Realty Corp |
| 27,367 |
| 10,354 |
| 25,657 |
| 196,405 |
| 647,410 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock redemption costs |
| — |
| — |
| (10,010 | ) | (10,010 | ) | — |
| |||||
Dividends on perpetual preferred shares |
| (7,407 | ) | (7,545 | ) | (7,915 | ) | (30,411 | ) | (30,178 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (Loss) Attributable to Common Stockholders |
| $ | 19,960 |
| $ | 2,809 |
| $ | 7,732 |
| $ | 155,984 |
| $ | 617,232 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) per share (basic) |
| $ | 0.22 |
| $ | 0.03 |
| $ | 0.09 |
| $ | 1.75 |
| $ | 7.37 |
|
Net income (loss) per share (diluted) |
| $ | 0.22 |
| $ | 0.03 |
| $ | 0.09 |
| $ | 1.74 |
| $ | 7.33 |
|
COMPARATIVE COMPUTATION OF FFO AND FAD
Unaudited ($000’s omitted - except per share data) |
|
| Three Months Ended |
| Three Months Ended |
| Twelve Months Ended |
| ||||||||||
|
| December 31, |
| December 31, |
| September 30, |
| December 31, |
| December 31, |
| ||||||
|
| 2012 |
| 2011 |
| 2012 |
| 2012 |
| 2011 |
| ||||||
Funds from Operations |
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income Attributable to Common Stockholders |
| $ | 19,960 |
| $ | 2,809 |
| $ | 7,732 |
| $ | 155,984 |
| $ | 617,232 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Add: | Depreciation and amortization |
| 93,765 |
| 74,951 |
| 83,408 |
| 332,028 |
| 277,345 |
| |||||
| Discontinued operations depreciation adjustments |
| 21 |
| — |
| 21 |
| 82 |
| 676 |
| |||||
| Joint ventures depreciation and noncontrolling interests adjustments |
| 13,417 |
| 8,005 |
| 6,669 |
| 35,593 |
| 31,179 |
| |||||
| Net income attributable to noncontrolling interests |
| (481 | ) | 7,202 |
| 2,402 |
| 11,188 |
| 29,712 |
| |||||
Less: | Gain (loss) on sale of discontinued operations |
| — |
| — |
| — |
| 6,627 |
| 46,085 |
| |||||
| Equity in net gain (loss) on sale of joint venture property / real estate |
| 19,277 |
| (114 | ) | (4,807 | ) | 37,053 |
| 2,918 |
| |||||
| Purchase price fair value adjustment |
| — |
| 8,306 |
| — |
| — |
| 498,195 |
| |||||
| Depreciable real estate reserves, net of recoveries |
| — |
| (5,789 | ) | — |
| — |
| (5,789 | ) | |||||
| Non-real estate depreciation and amortization |
| 243 |
| 255 |
| 220 |
| 940 |
| 922 |
| |||||
| Funds From Operations |
| $ | 107,162 |
| $ | 90,309 |
| $ | 104,819 |
| $ | 490,255 |
| $ | 413,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Funds From Operations - Basic per Share |
| $ | 1.14 |
| $ | 1.02 |
| $ | 1.12 |
| $ | 5.30 |
| $ | 4.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Funds From Operations - Diluted per Share |
| $ | 1.14 |
| $ | 1.02 |
| $ | 1.12 |
| $ | 5.28 |
| $ | 4.80 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds Available for Distribution |
|
|
|
|
|
|
|
|
|
|
| ||||||
FFO |
| $ | 107,162 |
| $ | 90,309 |
| $ | 104,819 |
| 490,255 |
| 413,813 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Add: | Non real estate depreciation and amortization |
| 243 |
| 255 |
| 220 |
| 940 |
| 922 |
| |||||
| Amortization of deferred financing costs |
| 7,824 |
| 4,649 |
| 4,493 |
| 19,450 |
| 14,118 |
| |||||
| Non-cash deferred compensation |
| 16,325 |
| 17,987 |
| 9,334 |
| 42,414 |
| 42,192 |
| |||||
Less: | FAD adjustment for Joint Ventures |
| 5,937 |
| 192 |
| 2,828 |
| 15,611 |
| 12,766 |
| |||||
| FAD adjustment for discontinued operations |
| — |
| 1,265 |
| — |
| — |
| 4,992 |
| |||||
| Straight-line rental income and other non cash adjustments |
| 13,866 |
| 24,562 |
| 15,684 |
| 129,746 |
| 119,707 |
| |||||
| Second cycle tenant improvements |
| 18,564 |
| 19,979 |
| 13,144 |
| 45,950 |
| 62,159 |
| |||||
| Second cycle leasing commissions |
| 4,173 |
| 8,178 |
| 4,209 |
| 28,445 |
| 21,819 |
| |||||
| Revenue enhancing recurring CAPEX |
| 530 |
| 1,288 |
| 564 |
| 2,277 |
| 4,065 |
| |||||
| Non-revenue enhancing recurring CAPEX |
| 18,850 |
| 11,413 |
| 6,062 |
| 39,790 |
| 24,322 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds Available for Distribution |
| $ | 69,634 |
| $ | 46,323 |
| $ | 76,375 |
| $ | 291,240 |
| $ | 221,216 |
| |
| Diluted per Share |
| $ | 0.74 |
| $ | 0.52 |
| $ | 0.81 |
| $ | 3.14 |
| $ | 2.57 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
First cycle tenant improvements |
| $ | 4,508 |
| $ | 12,156 |
| $ | 1,998 |
| $ | 16,093 |
| $ | 36,418 |
| |
First cycle leasing commissions |
| $ | 5,528 |
| $ | 5,184 |
| $ | 5,409 |
| $ | 11,371 |
| $ | 8,845 |
| |
Redevelopment Costs |
| $ | 6,600 |
| $ | 9,942 |
| $ | 5,986 |
| $ | 27,189 |
| $ | 26,348 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Payout Ratio of Funds from Operations |
| 29.0 | % | 24.6 | % | 22.4 | % | 20.5 | % | 11.5 | % | ||||||
Payout Ratio of Funds Available for Distribution |
| 44.6 | % | 47.9 | % | 30.7 | % | 34.4 | % | 21.4 | % |
CONSOLIDATED STATEMENT OF EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
| ||||||||||
|
| Series C |
| Series D |
| Series I |
|
|
|
|
|
|
|
|
|
|
| Other |
|
|
| ||||||||||
|
| Preferred |
| Preferred |
| Preferred |
| Common |
| Additional |
| Treasury |
| Retained |
| Noncontrolling |
| Comprehensive |
|
|
| ||||||||||
|
| Stock |
| Stock |
| Stock |
| Stock |
| Paid-In Capital |
| Stock |
| Earnings |
| Interests |
| Income |
| TOTAL |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Balance at December 31, 2011 |
| $ | 274,022 |
| $ | 96,321 |
| $ | — |
| $ | 892 |
| $ | 4,236,959 |
| $ | (308,708 | ) | $ | 1,704,506 |
| $ | 477,762 |
| $ | (28,445 | ) | $ | 6,453,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Income attributable to SL Green |
|
|
|
|
|
|
|
|
|
|
|
|
| 186,394 |
| 5,720 |
|
|
| 192,114 |
| ||||||||||
Preferred Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
| (30,411 | ) |
|
|
|
| (30,411 | ) | ||||||||||
Cash distributions declared ($1.08 per common share) |
|
|
|
|
|
|
|
|
|
|
|
|
| (98,159 | ) |
|
|
|
| (98,159 | ) | ||||||||||
Cash distributions to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (21,946 | ) |
|
| (21,946 | ) | ||||||||||
Comprehensive Income - Unrealized loss on derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,131 |
| 1,131 |
| ||||||||||
Comprehensive Income - SLG share unrealized loss on derivative instruments of JVs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,339 |
| 1,339 |
| ||||||||||
Comprehensive Income - Unrealized loss on marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3,612 | ) | (3,612 | ) | ||||||||||
Net proceeds from exercise of stock options |
|
|
|
|
|
|
| 4 |
| 13,169 |
|
|
|
|
|
|
|
|
| 13,173 |
| ||||||||||
Redemption of units and dividend reinvestment proceeds |
|
|
|
|
|
|
| 13 |
| 99,557 |
|
|
|
|
|
|
|
|
| 99,570 |
| ||||||||||
Conversion of units of Operating Partnership to common stock |
|
|
|
|
|
|
| 11 |
| 87,502 |
|
|
|
|
|
|
|
|
| 87,513 |
| ||||||||||
Consolidation of joint venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25,765 |
|
|
| 25,765 |
| ||||||||||
Reallocation of noncontrolling interests in the operating partnership |
|
|
|
|
|
|
|
|
|
|
|
|
| (61,238 | ) |
|
|
|
| (61,238 | ) | ||||||||||
Issuance of preferred stock |
|
|
|
|
| 221,965 |
|
|
|
|
|
|
|
|
|
|
|
|
| 221,965 |
| ||||||||||
Redemption of preferred stock |
| (93,682 | ) | (96,321 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (190,003 | ) | ||||||||||
Issuance of common stock |
|
|
|
|
|
|
| 27 |
| 201,252 |
|
|
|
|
|
|
|
|
| 201,279 |
| ||||||||||
Deferred compensation plan |
|
|
|
|
|
|
| 3 |
| 719 |
| (14,150 | ) |
|
|
|
|
|
| (13,428 | ) | ||||||||||
Amortization of deferred compensation |
|
|
|
|
|
|
|
|
| 28,742 |
|
|
|
|
|
|
|
|
| 28,742 |
| ||||||||||
Balance at December 31, 2012 |
| $ | 180,340 |
| $ | — |
| $ | 221,965 |
| $ | 950 |
| $ | 4,667,900 |
| $ | (322,858 | ) | $ | 1,701,092 |
| $ | 487,301 |
| $ | (29,587 | ) | $ | 6,907,103 |
|
|
|
| Common |
| OP Units |
| Stock-Based |
| Sub-total |
| Preferred |
| Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Count at December 31, 2011 |
| 86,045,684 |
| 2,764,737 |
|
|
| 88,810,421 |
| — |
| 88,810,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD share activity |
| 5,203,948 |
| (4,979 | ) |
|
| 5,198,969 |
|
|
| 5,198,969 |
|
Share Count at December 31, 2012 - Basic |
| 91,249,632 |
| 2,759,758 |
| — |
| 94,009,390 |
| — |
| 94,009,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighting factor |
| (1,930,205 | ) | 447,513 |
| 346,509 |
| (1,136,183 | ) |
|
| (1,136,183 | ) |
Weighted Average Share Count at December 31, 2012 - Diluted |
| 89,319,427 |
| 3,207,271 |
| 346,509 |
| 92,873,207 |
| — |
| 92,873,207 |
|
JOINT VENTURE STATEMENTS |
|
| December 31, 2012 |
| December 31, 2011 |
| ||||||||
|
| Total |
| SLG Interest |
| Total |
| SLG Interest |
| ||||
Land & land interests |
| $ | 1,967,727 |
| $ | 875,435 |
| $ | 1,468,878 |
| $ | 673,695 |
|
Buildings & improvements fee interest |
| 5,521,306 |
| 2,341,441 |
| 4,686,948 |
| 2,024,794 |
| ||||
Buildings & improvements leasehold |
| 7,491 |
| 3,371 |
| 29,708 |
| 13,369 |
| ||||
|
| 7,496,524 |
| 3,220,247 |
| 6,185,534 |
| 2,711,858 |
| ||||
Less accumulated depreciation |
| (585,533 | ) | (243,383 | ) | (486,421 | ) | (201,221 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net real estate |
| $ | 6,910,991 |
| $ | 2,976,864 |
| $ | 5,699,113 |
| $ | 2,510,637 |
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalents |
| 77,456 |
| 29,416 |
| 93,646 |
| 40,568 |
| ||||
Restricted cash |
| 130,350 |
| 49,237 |
| 63,492 |
| 30,709 |
| ||||
Debt investments |
| — |
| — |
| — |
| — |
| ||||
Tenant and other receivables, net of $2,061 reserve at 12/31/12 |
| 39,263 |
| 15,332 |
| 26,718 |
| 9,582 |
| ||||
Deferred rents receivable, net of reserve for tenant credit loss of $3,222 at 12/31/12 |
| 89,153 |
| 32,703 |
| 80,015 |
| 31,732 |
| ||||
Deferred costs, net |
| 163,022 |
| 61,573 |
| 92,110 |
| 40,394 |
| ||||
Other assets |
| 228,869 |
| 94,261 |
| 243,615 |
| 105,909 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total assets |
| $ | 7,639,104 |
| $ | 3,259,386 |
| $ | 6,298,709 |
| $ | 2,769,531 |
|
|
|
|
|
|
|
|
|
|
| ||||
Mortgage loans payable |
| $ | 5,358,048 |
| $ | 2,135,361 |
| $ | 4,131,890 |
| $ | 1,824,515 |
|
Derivative instruments-fair value |
| 33,457 |
| 16,687 |
| 35,398 |
| 17,713 |
| ||||
Accrued interest and other liabilities |
| 14,754 |
| 5,514 |
| 11,269 |
| 4,806 |
| ||||
Accounts payable and accrued expenses |
| 99,869 |
| 45,564 |
| 68,371 |
| 33,896 |
| ||||
Deferred revenue |
| 240,641 |
| 113,807 |
| 130,379 |
| 49,068 |
| ||||
Security deposits |
| 18,208 |
| 7,706 |
| 5,508 |
| 2,697 |
| ||||
Contributed Capital (1) |
| 1,874,127 |
| 934,747 |
| 1,915,894 |
| 836,836 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total liabilities and equity |
| $ | 7,639,104 |
| $ | 3,259,386 |
| $ | 6,298,709 |
| $ | 2,769,531 |
|
As of December 31, 2012 the Company had twenty six unconsolidated joint venture interests. These interests are accounted for using the equity method of accounting and are not consolidated into the Company’s financial statements. We have consolidated the following joint ventures: a 51% interest in 919 Third Avenue, a 51% interest in 680 Washington Avenue, a 51% interest in 750 Washington Avenue, a 49.9% interest in 180 Maiden Lane, a 87.5% interest in 1080 Amsterdam Avenue and 80% interests in 19-21 East 65th Street, 44 West 55th Street, 400 East 57th Street, 400 East 58th Street, 752-760 Madison Avenue and 762 Madison Avenue.
(1) Contributed capital reflects our share of capital based on the fair value of partially sold or contributed properties, while the investment in unconsolidated joint venture balance reflected on the face of the balance sheet reflects the actual capital invested in the joint venture.
JOINT VENTURE STATEMENTS |
|
|
|
|
|
| Three Months Ended |
|
|
|
|
| |||||
|
| Three Months Ended December 31, 2012 |
| September 30, 2012 |
| Three Months Ended December 31, 2011 |
| |||||||||
|
| Total |
| SLG Interest |
| SLG Interest |
| Total |
| SLG Interest |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
| $ | 127,850 |
| $ | 49,905 |
| $ | 43,131 |
| $ | 102,078 |
| $ | 43,260 |
|
Escalation and reimbursement revenues |
| 10,931 |
| 4,148 |
| 3,636 |
| 8,631 |
| 3,815 |
| |||||
Other income |
| 7,789 |
| 3,688 |
| 3,774 |
| 8,172 |
| 4,079 |
| |||||
Total Revenues, net |
| $ | 146,570 |
| $ | 57,741 |
| $ | 50,541 |
| $ | 118,881 |
| $ | 51,154 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
| $ | 29,765 |
| $ | 11,230 |
| $ | 7,898 |
| $ | 19,279 |
| $ | 8,608 |
|
Ground rent |
| 658 |
| — |
| — |
| 940 |
| 117 |
| |||||
Real estate taxes |
| 15,748 |
| 6,220 |
| 5,040 |
| 12,851 |
| 5,637 |
| |||||
Total Operating Expenses |
| $ | 46,171 |
| $ | 17,450 |
| $ | 12,938 |
| $ | 33,070 |
| $ | 14,362 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NOI |
| $ | 100,399 |
| $ | 40,291 |
| $ | 37,603 |
| $ | 85,811 |
| $ | 36,792 |
|
Cash NOI |
| $ | 93,381 |
| $ | 38,027 |
| $ | 36,364 |
| $ | 78,738 |
| $ | 35,315 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Transaction related costs |
| $ | 752 |
| $ | 306 |
| $ | 455 |
| $ | 96 |
| $ | 44 |
|
Interest expense, net of interest income |
| 60,948 |
| 21,540 |
| 19,901 |
| 61,618 |
| 26,702 |
| |||||
Amortization of deferred financing costs |
| 2,730 |
| 1,104 |
| 958 |
| 2,742 |
| 1,095 |
| |||||
Depreciation and amortization |
| 58,587 |
| 21,911 |
| 15,342 |
| 35,332 |
| 15,031 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Gain on early extinguishment of debt |
| — |
| — |
| 10,711 |
| — |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (Loss) |
| $ | (22,618 | ) | $ | (4,570 | ) | $ | 11,658 |
| $ | (13,977 | ) | $ | (6,080 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Real estate depreciation |
| 58,587 |
| 21,911 |
| 15,347 |
| 35,288 |
| 15,021 |
| |||||
FFO Contribution |
| $ | 35,969 |
| $ | 17,341 |
| $ | 27,005 |
| $ | 21,311 |
| $ | 8,941 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Add: Non real estate depreciation and amortization |
| $ | 2,730 |
| $ | 1,104 |
| $ | 953 |
| $ | 2,786 |
| $ | 1,105 |
|
Less: Straight-line rental income and other non-cash adjustments |
| (7,055 | ) | (2,244 | ) | (1,774 | ) | (2,949 | ) | 480 |
| |||||
Less: Second cycle tenant improvement |
| (7,791 | ) | (3,261 | ) | (1,774 | ) | (3,114 | ) | (1,431 | ) | |||||
Less: Second cycle leasing commissions |
| (2,761 | ) | (971 | ) | (175 | ) | (520 | ) | (255 | ) | |||||
Less: Recurring CAPEX |
| (1,585 | ) | (565 | ) | (58 | ) | (210 | ) | (91 | ) | |||||
FAD Adjustment |
| $ | (16,462 | ) | $ | (5,937 | ) | $ | (2,828 | ) | $ | (4,007 | ) | $ | (192 | ) |
JOINT VENTURE STATEMENTS |
|
| Twelve Months Ended December 31, 2012 |
| Twelve Months Ended December 31, 2011 |
| ||||||||
|
| Total |
| SLG Interest |
| Total |
| SLG Interest |
| ||||
Revenues |
|
|
|
|
|
|
|
|
| ||||
Rental revenue, net |
| $ | 444,783 |
| $ | 185,222 |
| $ | 411,174 |
| $ | 181,498 |
|
Escalation and reimbursement revenues |
| 35,841 |
| 14,601 |
| 38,711 |
| 18,319 |
| ||||
Other income |
| 30,533 |
| 14,790 |
| 31,050 |
| 12,727 |
| ||||
Total Revenues, net |
| $ | 511,157 |
| $ | 214,613 |
| $ | 480,935 |
| $ | 212,544 |
|
|
|
|
|
|
|
|
|
|
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Operating expenses |
| $ | 80,722 |
| $ | 33,941 |
| $ | 71,830 |
| $ | 33,675 |
|
Ground rent |
| 2,975 |
| 155 |
| 3,683 |
| 474 |
| ||||
Real estate taxes |
| 53,613 |
| 22,481 |
| 51,511 |
| 23,499 |
| ||||
Total Operating Expenses |
| $ | 137,310 |
| $ | 56,577 |
| $ | 127,024 |
| $ | 57,648 |
|
|
|
|
|
|
|
|
|
|
| ||||
NOI |
| $ | 373,847 |
| $ | 158,036 |
| $ | 353,911 |
| $ | 154,896 |
|
Cash NOI |
| $ | 346,859 |
| $ | 149,843 |
| $ | 331,513 |
| $ | 149,769 |
|
|
|
|
|
|
|
|
|
|
| ||||
Transaction related costs |
| $ | 2,044 |
| $ | 960 |
| $ | 2,665 |
| $ | 1,173 |
|
Interest expense, net of interest income |
| 221,476 |
| 86,268 |
| 210,489 |
| 88,546 |
| ||||
Amortization of deferred financing costs |
| 9,739 |
| 3,859 |
| 12,911 |
| 4,996 |
| ||||
Depreciation and amortization |
| 166,336 |
| 69,116 |
| 137,070 |
| 58,598 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Gain on early extinguishment of debt |
| 21,421 |
| 10,711 |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income (Loss) |
| $ | (4,327 | ) | $ | 8,544 |
| $ | (9,224 | ) | $ | 1,583 |
|
|
|
|
|
|
|
|
|
|
| ||||
Plus: Real estate depreciation |
| 166,296 |
| 69,108 |
| 136,933 |
| 58,568 |
| ||||
FFO Contribution |
| $ | 161,969 |
| $ | 77,652 |
| $ | 127,709 |
| $ | 60,151 |
|
|
|
|
|
|
|
|
|
|
| ||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
| ||||
Add: Non real estate depreciation and amortization |
| $ | 9,779 |
| $ | 3,867 |
| $ | 13,048 |
| $ | 5,027 |
|
Less: Straight-line rental income and other non-cash adjustments |
| (27,880 | ) | (8,810 | ) | (20,499 | ) | (4,507 | ) | ||||
Less: Second cycle tenant improvement |
| (18,017 | ) | (6,457 | ) | (19,655 | ) | (9,407 | ) | ||||
Less: Second cycle leasing commissions |
| (10,459 | ) | (3,465 | ) | (8,038 | ) | (3,336 | ) | ||||
Less: Recurring CAPEX |
| (2,177 | ) | (746 | ) | (1,609 | ) | (543 | ) | ||||
FAD Adjustment |
| $ | (48,754 | ) | $ | (15,611 | ) | $ | (36,753 | ) | $ | (12,766 | ) |
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months Ended |
| Twelve Months Ended |
| |||||||||
|
| December 31, |
| December 31, |
| September 30, |
| December 31, |
| December 31, |
| |||||
|
| 2012 |
| 2011 |
| 2012 |
| 2012 |
| 2011 |
| |||||
Property NOI |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating NOI |
| $ | 173,061 |
| $ | 168,272 |
| $ | 177,836 |
| $ | 698,713 |
| $ | 636,457 |
|
NOI from discontinued operations |
| 116 |
| 1,945 |
| 765 |
| 1,385 |
| 10,878 |
| |||||
Total property operating NOI - consolidated |
| 173,177 |
| 170,217 |
| 178,601 |
| 700,098 |
| 647,335 |
| |||||
SLG share of property NOI from JVs |
| 40,291 |
| 36,792 |
| 37,603 |
| 158,036 |
| 154,892 |
| |||||
NOI |
| $ | 213,468 |
| $ | 207,009 |
| $ | 216,204 |
| $ | 858,134 |
| $ | 802,227 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: Free rent (net of amortization) |
| 1,696 |
| 6,725 |
| 1,146 |
| 11,011 |
| 18,737 |
| |||||
Net FAS 141 adjustment |
| 1,977 |
| 2,101 |
| 1,856 |
| 6,096 |
| 15,680 |
| |||||
Straightline revenue adjustment |
| 15,962 |
| 19,065 |
| 15,640 |
| 68,106 |
| 87,022 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Allowance for S/L tenant credit loss |
| 121 |
| 2,127 |
| (501 | ) | 3,489 |
| 7,263 |
| |||||
Ground lease straight-line adjustment |
| 2,208 |
| 113 |
| 192 |
| 2,782 |
| 262 |
| |||||
Cash NOI |
| $ | 196,162 |
| $ | 181,358 |
| $ | 197,253 |
| $ | 779,192 |
| $ | 688,313 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Components of Consolidated Debt Service and Fixed Charges |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense |
| 82,563 |
| 79,700 |
| 86,355 |
| 331,980 |
| 290,171 |
| |||||
Fixed amortization principal payments |
| 12,948 |
| 10,353 |
| 12,230 |
| 50,305 |
| 36,647 |
| |||||
Total Consolidated Debt Service |
| 95,511 |
| 90,053 |
| 98,585 |
| 382,285 |
| 326,818 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Payments under ground lease arrangements |
| 9,088 |
| 8,923 |
| 8,682 |
| 35,084 |
| 33,182 |
| |||||
Dividends on preferred units |
| 574 |
| — |
| 571 |
| 2,107 |
| — |
| |||||
Dividends on perpetual preferred shares |
| 7,407 |
| 7,545 |
| 7,915 |
| 30,411 |
| 30,178 |
| |||||
Total Consolidated Fixed Charges |
| 112,580 |
| 106,521 |
| 115,753 |
| 449,887 |
| 390,178 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated Interest Coverage Ratio |
| 2.4 |
| 2.4 |
| 2.5 |
| 2.5 |
| 2.7 |
| |||||
Consolidated Debt Service Coverage Ratio |
| 2.1 |
| 2.2 |
| 2.2 |
| 2.2 |
| 2.4 |
| |||||
Consolidated Fixed Charge Coverage Ratio |
| 1.8 |
| 1.8 |
| 1.9 |
| 1.9 |
| 2.0 |
|
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months Ended |
| Twelve Months Ended |
| ||||||||||||||
|
| December 31, |
| December 31, |
|
|
| September 30, |
| December 31, |
| December 31, |
|
|
| ||||||
|
| 2012 |
| 2011 |
| % |
| 2012 |
| 2012 |
| 2011 |
| % |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Rental revenue, net |
| $ | 218,378 |
| $ | 213,454 |
| 2.3 | % | $ | 215,167 |
| $ | 863,841 |
| $ | 859,184 |
| 0.5 | % |
| Escalation & reimbursement revenues |
| 28,976 |
| 30,846 |
| -6.1 | % | 29,763 |
| 120,305 |
| 121,725 |
| -1.2 | % | |||||
| Other income |
| 1,978 |
| 2,600 |
| -23.9 | % | 3,177 |
| 10,845 |
| 8,588 |
| 26.3 | % | |||||
| Total Revenues |
| 249,332 |
| 246,900 |
| 1.0 | % | 248,107 |
| 994,991 |
| 989,497 |
| 0.6 | % | |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Operating expenses |
| 54,413 |
| 54,888 |
| -0.9 | % | 56,220 |
| 217,512 |
| 218,781 |
| -0.6 | % | |||||
| Ground rent |
| 11,555 |
| 9,047 |
| 27.7 | % | 9,038 |
| 38,641 |
| 33,768 |
| 14.4 | % | |||||
| Real estate taxes |
| 40,455 |
| 37,154 |
| 8.9 | % | 39,512 |
| 160,775 |
| 153,257 |
| 4.9 | % | |||||
| Transaction related costs |
| — |
| 3 |
| -100.0 | % | — |
| — |
| 173 |
| -100.0 | % | |||||
|
| 106,423 |
| 101,092 |
| 5.3 | % | 104,770 |
| 416,928 |
| 405,979 |
| 2.7 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Operating Income |
| 142,909 |
| 145,808 |
| -2.0 | % | 143,337 |
| 578,063 |
| 583,518 |
| -0.9 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Interest expense & amortization of financing costs |
| 49,121 |
| 47,358 |
| 3.7 | % | 49,495 |
| 192,726 |
| 184,078 |
| 4.7 | % | |||||
| Depreciation & amortization |
| 61,784 |
| 60,998 |
| 1.3 | % | 61,526 |
| 243,696 |
| 238,791 |
| 2.1 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Income before noncontrolling interest |
| 32,004 |
| 37,452 |
| -14.5 | % | 32,316 |
| 141,641 |
| 160,649 |
| -11.8 | % | |||||
Plus: | Real estate depreciation & amortization |
| 61,774 |
| 60,989 |
| 1.3 | % | 61,516 |
| 243,656 |
| 238,754 |
| 2.1 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| FFO Contribution |
| 93,778 |
| 98,441 |
| -4.7 | % | 93,832 |
| 385,297 |
| 399,403 |
| -3.5 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: | Non—building revenue |
| 92 |
| 477 |
| -80.7 | % | 1,255 |
| 3,206 |
| 1,687 |
| 90.0 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Plus: | Transaction related costs |
| — |
| 3 |
| -100.0 | % | — |
| — |
| 173 |
| -100.0 | % | |||||
| Interest expense & amortization of financing costs |
| 49,121 |
| 47,358 |
| 3.7 | % | 49,495 |
| 192,726 |
| 184,078 |
| 4.7 | % | |||||
| Non-real estate depreciation |
| 10 |
| 9 |
| 11.1 | % | 10 |
| 40 |
| 37 |
| 8.1 | % | |||||
| NOI |
| 142,817 |
| 145,334 |
| -1.7 | % | 142,082 |
| 574,857 |
| 582,004 |
| -1.2 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: | Free rent (net of amortization) |
| 818 |
| 4,385 |
| -81.3 | % | 452 |
| 6,567 |
| 12,611 |
| -47.9 | % | |||||
| Straightline revenue adjustment |
| 11,317 |
| 15,509 |
| -27.0 | % | 10,126 |
| 48,347 |
| 70,730 |
| -31.6 | % | |||||
| Rental income - FAS 141 |
| 3,906 |
| 4,212 |
| -7.3 | % | 4,168 |
| 17,389 |
| 21,159 |
| -17.8 | % | |||||
Plus: | Ground lease straight-line adjustment |
| 2,186 |
| 44 |
| 4868.2 | % | 172 |
| 2,702 |
| 440 |
| 514.1 | % | |||||
| Allowance for S/L tenant credit loss |
| (128 | ) | 1,701 |
| -107.5 | % | (581 | ) | 2,325 |
| 5,455 |
| -57.4 | % | |||||
| Cash NOI |
| $ | 128,834 |
| $ | 122,973 |
| 4.8 | % | $ | 126,927 |
| $ | 507,581 |
| $ | 483,399 |
| 5.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| NOI to real estate revenue, net |
| 57.33 | % | 58.57 | % |
|
| 57.69 | % | 57.83 | % | 58.60 | % |
|
| |||||
| Cash NOI to real estate revenue, net |
| 51.72 | % | 49.56 | % |
|
| 51.59 | % | 51.06 | % | 48.67 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| NOI before ground rent/real estate revenue, net |
| 61.97 | % | 62.22 | % |
|
| 61.36 | % | 61.71 | % | 61.99 | % |
|
| |||||
| Cash NOI before ground rent/real estate revenue, net |
| 55.48 | % | 53.19 | % |
|
| 55.14 | % | 54.67 | % | 52.02 | % |
|
|
SELECTED FINANCIAL DATA |
| |
2012 Same Store - Joint Venture |
| |
Unaudited |
| |
($000’s omitted) |
|
|
| Three Months Ended |
| Three Months Ended |
| Twelve Months Ended |
| ||||||||||||||
|
| December 31, |
| December 31, |
|
|
| September 30, |
| December 31, |
| December 31, |
|
|
| ||||||
|
| 2012 |
| 2011 |
| % |
| 2012 |
| 2012 |
| 2011 |
| % |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Rental revenue, net |
| $ | 31,184 |
| $ | 30,207 |
| 3.2 | % | $ | 31,012 |
| $ | 123,362 |
| $ | 118,833 |
| 3.8 | % |
| Escalation & reimbursement revenues |
| 1,863 |
| 2,062 |
| -9.7 | % | 1,976 |
| 7,400 |
| 7,700 |
| -3.9 | % | |||||
| Other income |
| 78 |
| 23 |
| 239.1 | % | 10,911 |
| 11,128 |
| 2,467 |
| 351.1 | % | |||||
| Total Revenues |
| 33,125 |
| 32,292 |
| 2.6 | % | 43,899 |
| 141,890 |
| 129,000 |
| 10.0 | % | |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Operating expenses |
| 4,646 |
| 4,871 |
| -4.6 | % | 4,987 |
| 18,702 |
| 18,735 |
| -0.2 | % | |||||
| Ground rent |
| — |
| — |
| 0.0 | % | — |
| — |
| — |
| 0.0 | % | |||||
| Real estate taxes |
| 2,344 |
| 2,590 |
| -9.5 | % | 2,586 |
| 10,523 |
| 10,918 |
| -3.6 | % | |||||
| Transaction related costs |
| 41 |
| — |
| — |
| 22 |
| 63 |
| 60 |
| — |
| |||||
|
| 7,031 |
| 7,461 |
| -5.8 | % | 7,595 |
| 29,288 |
| 29,713 |
| -1.4 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Operating Income |
| 26,094 |
| 24,831 |
| 5.1 | % | 36,304 |
| 112,602 |
| 99,287 |
| 13.4 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Interest expense & amortization of financing costs |
| 13,095 |
| 13,207 |
| -0.8 | % | 13,297 |
| 52,573 |
| 52,283 |
| 0.6 | % | |||||
| Depreciation & amortization |
| 10,116 |
| 9,947 |
| 1.7 | % | 9,824 |
| 39,438 |
| 39,184 |
| 0.6 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before noncontrolling interest |
| 2,883 |
| 1,677 |
| 71.9 | % | 13,183 |
| 20,591 |
| 7,820 |
| 163.3 | % | |||||
Plus: | Real estate depreciation & amortization |
| 10,116 |
| 9,938 |
| 1.8 | % | 9,829 |
| 39,429 |
| 39,157 |
| 0.7 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| FFO Contribution |
| 12,999 |
| 11,615 |
| 11.9 | % | 23,012 |
| 60,020 |
| 46,977 |
| 27.8 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: | Non—building revenue |
| 93 |
| 68 |
| 36.8 | % | 10,767 |
| 10,953 |
| 202 |
| 5322.3 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: | Transaction related costs |
| 41 |
| — |
| 0.0 | % | 22 |
| 63 |
| 60 |
| 5.0 | % | |||||
| Interest expense & amortization of financing costs |
| 13,095 |
| 13,207 |
| -0.8 | % | 13,297 |
| 52,573 |
| 52,283 |
| 0.6 | % | |||||
| Non-real estate depreciation |
| — |
| 9 |
| -100.0 | % | (5 | ) | 9 |
| 27 |
| -66.7 | % | |||||
| NOI |
| 26,042 |
| 24,763 |
| 5.2 | % | 25,559 |
| 101,712 |
| 99,145 |
| 2.6 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: | Free rent (net of amortization) |
| 273 |
| 404 |
| 0.0 | % | 126 |
| 309 |
| 2,142 |
| 86 | % | |||||
| Straightline revenue adjustment |
| 853 |
| 849 |
| 8.0 | % | 795 |
| 3,119 |
| 3,151 |
| -1.0 | % | |||||
| Rental income - FAS 141 |
| 561 |
| 328 |
| 71.0 | % | 488 |
| 1,895 |
| 1,452 |
| 30.5 | % | |||||
Plus: | Ground lease straight-line adjustment |
| — |
| — |
| 0.0 | % | — |
| — |
| — |
| 0.0 | % | |||||
| Allowance for S/L tenant credit loss |
| (185 | ) | 136 |
| -236.0 | % | 72 |
| 33 |
| 593 |
| -94.4 | % | |||||
| Cash NOI |
| $ | 24,170 |
| $ | 23,318 |
| 3.7 | % | $ | 24,222 |
| $ | 96,422 |
| $ | 92,993 |
| 3.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| NOI to real estate revenue, net |
| 78.84 | % | 76.85 | % |
|
| 77.14 | % | 77.68 | % | 76.98 | % |
|
| |||||
| Cash NOI to real estate revenue, net |
| 73.17 | % | 72.36 | % |
|
| 73.11 | % | 73.64 | % | 72.20 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| NOI before ground rent/real estate revenue, net |
| 78.84 | % | 76.85 | % |
|
| 77.14 | % | 77.68 | % | 76.98 | % |
|
| |||||
| Cash NOI before ground rent/real estate revenue, net |
| 73.73 | % | 71.94 | % |
|
| 72.89 | % | 73.61 | % | 71.74 | % |
|
|
SELECTED FINANCIAL DATA |
| |
2012 Same Store - Combined |
| |
Unaudited |
| |
($000’s omitted) |
|
|
| Three Months Ended |
| Three Months Ended |
| Twelve Months Ended |
| ||||||||||||||
|
| December 31, |
| December 31, |
|
|
| September 30, |
| December 31, |
| December 31, |
|
|
| ||||||
|
| 2012 |
| 2011 |
| % |
| 2012 |
| 2012 |
| 2011 |
| % |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Rental revenue, net |
| $ | 249,562 |
| $ | 243,661 |
| 2.4 | % | $ | 246,179 |
| $ | 987,203 |
| $ | 978,017 |
| 0.9 | % |
| Escalation & reimbursement revenues |
| 30,839 |
| 32,908 |
| -6.3 | % | 31,739 |
| 127,705 |
| 129,425 |
| -1.3 | % | |||||
| Other income |
| 2,056 |
| 2,623 |
| -21.6 | % | 14,088 |
| 21,973 |
| 11,055 |
| 98.8 | % | |||||
| Total Revenues |
| 282,457 |
| 279,192 |
| 1.2 | % | 292,006 |
| 1,136,881 |
| 1,118,497 |
| 1.6 | % | |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Operating expenses |
| 59,059 |
| 59,759 |
| -1.2 | % | 61,207 |
| 236,214 |
| 237,516 |
| -0.5 | % | |||||
| Ground rent |
| 11,555 |
| 9,047 |
| 27.7 | % | 9,038 |
| 38,641 |
| 33,768 |
| 14.4 | % | |||||
| Real estate taxes |
| 42,799 |
| 39,744 |
| 7.7 | % | 42,098 |
| 171,298 |
| 164,175 |
| 4.3 | % | |||||
| Transaction related costs |
| 41 |
| 3 |
| 1266.7 | % | 22 |
| 63 |
| 233 |
| -73.0 | % | |||||
|
|
| 113,454 |
| 108,553 |
| 4.5 | % | 112,365 |
| 446,216 |
| 435,692 |
| 2.4 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating Income |
| 169,003 |
| 170,639 |
| -1.0 | % | 179,641 |
| 690,665 |
| 682,805 |
| 1.2 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Interest expense & amortization of financing costs |
| 62,216 |
| 60,565 |
| 2.7 | % | 62,792 |
| 245,299 |
| 236,361 |
| 3.8 | % | |||||
| Depreciation & amortization |
| 71,900 |
| 70,945 |
| 1.3 | % | 71,350 |
| 283,134 |
| 277,975 |
| 1.9 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before noncontrolling interest |
| 34,887 |
| 39,129 |
| -10.8 | % | 45,499 |
| 162,232 |
| 168,469 |
| -3.7 | % | |||||
Plus: | Real estate depreciation & amortization |
| 71,890 |
| 70,927 |
| 1.4 | % | 71,345 |
| 283,085 |
| 277,911 |
| 1.9 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| FFO Contribution |
| 106,777 |
| 110,056 |
| -3.0 | % | 116,844 |
| 445,317 |
| 446,380 |
| -0.2 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: | Non—building revenue |
| 185 |
| 545 |
| -66.1 | % | 12,022 |
| 14,159 |
| 1,889 |
| 649.6 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: | Transaction related costs |
| 41 |
| 3 |
| 1266.7 | % | 22 |
| 63 |
| 233 |
| -73.0 | % | |||||
| Interest expense & amortization of financing costs |
| 62,216 |
| 60,565 |
| 2.7 | % | 62,792 |
| 245,299 |
| 236,361 |
| 3.8 | % | |||||
| Non-real estate depreciation |
| 10 |
| 18 |
| -44.4 | % | 5 |
| 49 |
| 64 |
| -23.4 | % | |||||
| NOI |
| 168,859 |
| 170,097 |
| -0.7 | % | 167,641 |
| 676,569 |
| 681,149 |
| -0.7 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: | Free rent (net of amortization) |
| 1,091 |
| 4,789 |
| 0.0 | % | 578 |
| 6,876 |
| 14,753 |
| 53 | % | |||||
| Straightline revenue adjustment |
| 12,170 |
| 16,358 |
| 8.0 | % | 10,921 |
| 51,466 |
| 73,881 |
| -30.3 | % | |||||
| Rental income - FAS 141 |
| 4,467 |
| 4,540 |
| -1.6 | % | 4,656 |
| 19,284 |
| 22,611 |
| -14.7 | % | |||||
Plus: | Ground lease straight-line adjustment |
| 2,186 |
| 44 |
| 4868.2 | % | 172 |
| 2,702 |
| 440 |
| 514.1 | % | |||||
| Allowance for S/L tenant credit loss |
| (313 | ) | 1,837 |
| -117.0 | % | (509 | ) | 2,358 |
| 6,048 |
| -61.0 | % | |||||
| Cash NOI |
| $ | 153,004 |
| $ | 146,291 |
| 4.6 | % | $ | 151,149 |
| $ | 604,003 |
| $ | 576,392 |
| 4.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| NOI to real estate revenue, net |
| 59.36 | % | 61.03 | % |
|
| 59.84 | % | 60.12 | % | 60.98 | % |
|
| |||||
| Cash NOI to real estate revenue, net |
| 53.79 | % | 52.49 | % |
|
| 53.95 | % | 53.67 | % | 51.60 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| NOI before ground rent/real estate revenue, net |
| 63.42 | % | 64.28 | % |
|
| 63.06 | % | 63.55 | % | 64.00 | % |
|
| |||||
| Cash NOI before ground rent/real estate revenue, net |
| 57.96 | % | 55.08 | % |
|
| 57.36 | % | 56.89 | % | 54.08 | % |
|
|
DEBT SUMMARY SCHEDULE - Consolidated |
| |
|
| |
Unaudited |
| |
($000’s omitted) |
|
|
| Principal |
|
|
| 2013 |
|
|
|
|
| As-Of |
|
|
|
|
| Outstanding |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
|
|
| 12/31/2012 |
| Coupon (1) |
| Amortization |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220 East 42nd Street |
| 185,906 |
| 5.25 | % | 3,564 |
| Nov-13 |
| 182,342 |
| — |
| Open |
|
125 Park Avenue |
| 146,250 |
| 5.75 | % | — |
| Oct-14 |
| 146,250 |
| — |
| Open |
|
711 Third Avenue |
| 120,000 |
| 4.99 | % | — |
| Jun-15 |
| 120,000 |
| — |
| Open |
|
625 Madison Avenue |
| 125,603 |
| 7.22 | % | 4,774 |
| Nov-15 |
| 109,537 |
| — |
| Open |
|
500 West Putnam Avenue |
| 24,060 |
| 5.52 | % | 531 |
| Jan-16 |
| 22,376 |
| — |
| Open |
|
420 Lexington Avenue |
| 184,992 |
| 7.50 | % | 2,148 |
| Sep-16 |
| 175,740 |
| — |
| Open |
|
1-6 Landmark Square |
| 84,486 |
| 4.00 | % | 1,576 |
| Dec-16 |
| 77,936 |
| — |
| Jun-13 |
|
300 Main Street |
| 11,500 |
| 5.75 | % | — |
| Feb-17 |
| 11,500 |
| — |
| Open |
|
485 Lexington Avenue |
| 450,000 |
| 5.61 | % | — |
| Feb-17 |
| 450,000 |
| — |
| Open |
|
120 West 45th Street |
| 170,000 |
| 6.12 | % | — |
| Feb-17 |
| 170,000 |
| — |
| Open |
|
762 Madison Avenue |
| 8,371 |
| 3.75 | % | 160 |
| Feb-17 |
| 7,664 |
| — |
| Aug-13 |
|
2 Herald Square |
| 191,250 |
| 5.36 | % | — |
| Apr-17 |
| 191,250 |
| — |
| Open |
|
885 Third Avenue |
| 267,650 |
| 6.26 | % | — |
| Jul-17 |
| 267,650 |
| — |
| Open |
|
1 Madison Avenue - South Building |
| 607,678 |
| 5.91 | % | 20,342 |
| May-20 |
| 404,531 |
| — |
| Open |
|
100 Church Street |
| 230,000 |
| 4.68 | % | — |
| Jul-22 |
| 197,784 |
| — |
| Open |
|
919 Third Avenue |
| 500,000 |
| 5.12 | % | — |
| Jun-23 |
| 450,608 |
| — |
| Jun-13 |
|
400 East 57th Street |
| 70,000 |
| 4.13 | % | — |
| Jan-24 |
| 1,168 |
| — |
| Open |
|
400 East 58th Street |
| 30,000 |
| 4.13 | % | — |
| Jan-24 |
| 501 |
| — |
| Open |
|
|
| 3,407,746 |
| 5.63 | % | 33,095 |
|
|
| 2,986,837 |
|
|
|
|
|
Secured fixed rate debt - Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
609 Partners, LLC |
| 23 |
| 5.00 | % | — |
| Jul-14 |
| 23 |
| — |
| Open |
|
Preferred Equity Investment |
| 50,000 |
| 8.00 | % | — |
| Sep-19 |
| 50,000 |
| — |
| Open |
|
|
| 50,023 |
| 8.00 | % | — |
|
|
| 50,023 |
|
|
|
|
|
Unsecured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured notes |
| 75,898 |
| 5.88 | % | — |
| Aug-14 |
| 75,898 |
| — |
| Open |
|
Unsecured notes |
| 255,165 |
| 6.00 | % | — |
| Mar-16 |
| 255,308 |
| — |
| Open |
|
Term loan (swapped) |
| 30,000 |
| 3.20 | % | — |
| Mar-18 |
| 30,000 |
| — |
| Open |
|
Convertible notes |
| 287,373 |
| 3.00 | % | — |
| Oct-17 |
| 345,000 |
| — |
| Open |
|
Unsecured notes |
| 249,620 |
| 5.00 | % | — |
| Aug-18 |
| 250,000 |
| — |
| Open |
|
Unsecured notes |
| 250,000 |
| 7.75 | % | — |
| Mar-20 |
| 250,000 |
| — |
| Open |
|
Unsecured notes |
| 200,000 |
| 4.50 | % | — |
| Dec-22 |
| 200,000 |
| — |
| Open |
|
Convertible notes |
| 7 |
| 4.00 | % | — |
| Jun-25 | (2) | 7 |
| — |
| Jun-15 |
|
Convertible notes |
| 16,893 |
| 3.00 | % | — |
| Mar-27 | (3) | 16,893 |
| — |
| Mar-17 |
|
Junior subordinated deferrable interest debentures |
| 100,000 |
| 5.61 | % | — |
| Jul-35 |
| 100,000 |
| — |
| — |
|
|
| 1,464,956 |
| 5.21 | % | — |
|
|
| 1,523,106 |
|
|
|
|
|
Total Fixed Rate Debt/Wtd Avg |
| 4,922,725 |
| 5.53 | % | 33,095 |
|
|
| 4,559,966 |
|
|
|
|
|
Floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt & preferred equity facility (Libor + 300 bps) |
| 116,667 |
| 3.21 | % | — |
| Sep-13 |
| 116,667 |
| Sep-14 |
| Open |
|
180 Maiden Lane (Libor + 211.25 bps) |
| 271,215 |
| 2.42 | % | 8,153 |
| Nov-16 |
| 240,703 |
| — |
| Open |
|
1515 Broadway (Libor + 285 bps) |
| 769,813 |
| 3.60 | % | 8,248 |
| Apr-18 |
| 719,320 |
| — |
| Open |
|
|
| 1,157,695 |
| 3.28 | % | 16,401 |
|
|
| 1,076,690 |
|
|
|
|
|
Unsecured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility (Libor + 145 bps) |
| 70,000 |
| 1.67 | % | — |
| Mar-17 |
| 70,000 |
| Mar-18 |
| Open |
|
Term loan (Libor + 165 bps) |
| 370,000 |
| 1.87 | % | — |
| Mar-18 |
| 370,000 |
| — |
| Open |
|
|
| 440,000 |
| 1.84 | % | — |
|
|
| 440,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Floating Rate Debt/Wtd Avg |
| 1,597,695 |
| 2.89 | % | 16,401 |
|
|
| 1,516,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Consolidated |
| 6,520,420 |
| 4.88 | % | 49,496 |
|
|
| 6,076,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Joint Venture |
| 2,135,361 |
| 4.19 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Balance & Interest Rate with SLG JV Debt |
| 8,687,007 |
| 4.88 | % |
|
|
|
|
|
|
|
|
|
|
(1) Effective Libor at the quarter end used to determine coupon on floating rate debt. Certain loans are subject to Libor floors.
(2) Notes can be put to the Company, at the option of the holder, on June 15, 2015.
(3) Notes can be put to the Company, at the option of the holder, on March 30, 2017.
DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures | |
| |
Unaudited | |
($000’s omitted) |
|
| Principal Outstanding |
|
|
| 2013 |
|
|
|
|
| As-Of |
|
|
| ||
|
| 12/31/2012 |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
| ||
|
| Gross Principal |
| SLG Share |
| Coupon (1) |
| Amortization |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1604-1610 Broadway |
| 27,000 |
| 12,150 |
| 5.66 | % | — |
| Jul-12 | (2) | 12,150 |
| — |
| Open |
|
21 East 66th Street |
| 12,000 |
| 3,874 |
| 5.63 | % |
|
| Apr-13 |
| 3,874 |
|
|
| Open |
|
100 Park Avenue |
| 212,287 |
| 105,931 |
| 6.64 | % | 1,248 |
| Sep-14 |
| 105,931 |
| — |
| Open |
|
7 Renaissance |
| 856 |
| 428 |
| 10.00 | % | — |
| Feb-15 |
| 428 |
| — |
| Open |
|
11 West 34th Street |
| 17,491 |
| 5,247 |
| 4.82 | % | 86 |
| Jan-16 |
| 4,977 |
| — |
| Open |
|
280 Park Avenue |
| 710,000 |
| 351,177 |
| 6.55 | % | 1,667 |
| Jun-16 |
| 341,953 |
| — |
| Open |
|
21-25 West 34th Street |
| 100,000 |
| 50,000 |
| 5.76 | % | — |
| Dec-16 |
| 50,000 |
| — |
| Open |
|
1745 Broadway |
| 340,000 |
| 109,650 |
| 5.68 | % | — |
| Jan-17 |
| 109,650 |
| — |
| Open |
|
Jericho Plaza |
| 163,750 |
| 33,176 |
| 5.65 | % | — |
| May-17 |
| 33,176 |
| — |
| Open |
|
800 Third Avenue |
| 20,910 |
| 8,981 |
| 6.00 | % | — |
| Aug-17 |
| 8,981 |
| — |
| Open |
|
315 West 36th Street |
| 25,000 |
| 8,875 |
| 3.04 | % | — |
| Dec-17 |
| 8,875 |
| — |
| Open |
|
388/390 Greenwich Street |
| 996,081 |
| 503,997 |
| 3.20 | % | — |
| Dec-17 |
| 503,997 |
| — |
| Open |
|
717 Fifth Avenue (mortgage) |
| 300,000 |
| 32,750 |
| 4.45 | % | — |
| Jul-22 |
| 32,750 |
| — |
| Aug-15 |
|
717 Fifth Avenue (mezzanine) |
| 294,509 |
| 32,151 |
| 9.00 | % | — |
| Jun-24 |
| 32,151 |
| — |
| Open |
|
Total Fixed Rate Debt/Wtd Avg |
| 3,219,884 |
| 1,258,387 |
| 5.05 | % | 3,002 |
|
|
| 1,248,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 West 34th Street (Libor + 165 bps) |
| 53,375 |
| 26,688 |
| 2.21 | % | — |
| May-13 |
| 26,688 |
| — |
| Open |
|
1552 Broadway (Libor + 300 bps) |
| 113,869 |
| 56,935 |
| 3.21 | % | — |
| Aug-13 |
| 56,935 |
| — |
| Open |
|
16 Court Street (Libor + 250 bps) |
| 84,916 |
| 29,721 |
| 2.71 | % | — |
| Oct-13 |
| 29,721 |
| — |
| Open |
|
180-182 Broadway (Libor + 275 bps) |
| 71,524 |
| 18,239 |
| 2.96 | % | — |
| Dec-13 |
| 18,239 |
| — |
| Open |
|
West Coast Office Portfolio (mortgage) (Libor + 314 bps) |
| 677,785 |
| 187,270 |
| 3.39 | % | 20,700 |
| Sep-14 |
| 145,827 |
| — |
| Open |
|
West Coast Office Portfolio (mezzanine) (Libor +950 bps) |
| 67,241 |
| 18,579 |
| 10.00 | % | — |
| Sep-14 |
| 18,579 |
| — |
| Open |
|
747 Madison (Libor + 275 bps) |
| 33,125 |
| 11,041 |
| 3.00 | % | — |
| Oct-14 |
| 11,041 |
| — |
| Open |
|
Meadows (Libor + 575 bps) |
| 57,000 |
| 28,500 |
| 7.75 | % | — |
| Sep-15 |
| 28,500 |
| — |
| Open |
|
3 Columbus Circle (Libor + 210 bps) |
| 247,253 |
| 120,907 |
| 2.45 | % | 3,107 |
| Apr-16 |
| 111,333 |
| — |
| Open |
|
Mezzanine Debt (Libor + 90 bps) |
| 30,000 |
| 15,000 |
| 1.11 | % | — |
| Jun-16 |
| 15,000 |
| — |
| Open |
|
724 Fifth Avenue (Libor + 235 bps) |
| 120,000 |
| 60,000 |
| 2.56 | % | — |
| Jan-17 |
| 60,000 |
| — |
| Open |
|
10 East 53rd Street (Libor +250 bps) |
| 125,000 |
| 68,750 |
| 2.71 | % | — |
| Feb-17 |
| 68,750 |
| — |
| Mar-14 |
|
33 Beekman (Libor + 275 bps) |
| 18,362 |
| 8,428 |
| 2.96 | % | — |
| Aug-17 |
| 8,428 |
| — |
| Open |
|
600 Lexington Avenue (Libor + 200 bps) |
| 124,384 |
| 68,411 |
| 2.32 | % | 2,060 |
| Oct-17 |
| 58,185 |
| — |
| Open |
|
388/390 Greenwich Street (Libor + 115 bps) |
| 142,297 |
| 71,999 |
| 1.36 | % | — |
| Dec-17 |
| 71,999 |
| — |
| Open |
|
521 Fifth Avenue (Libor + 220 bps) |
| 170,000 |
| 85,850 |
| 2.41 | % | — |
| Nov-19 |
| 85,850 |
| — |
| Open |
|
21 East 66th Street (T + 275 bps) |
| 2,033 |
| 656 |
| 2.88 | % | 16 |
| Jun-33 |
| 640 |
| — |
| Open |
|
Total Floating Rate Debt/Wtd Avg |
| 2,138,164 |
| 876,974 |
| 2.96 | % | 25,883 |
|
|
| 815,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Joint Venture Debt/Wtd Avg |
| 5,358,048 |
| 2,135,361 |
| 4.19 | % | 28,884 |
|
|
| 2,064,608 |
|
|
|
|
|
(1) Effective Libor at the quarter end used to determine coupon on floating rate debt. Certain loans are subject to Libor floors.
(2) The loan went into default in November 2009 due to the non-payment of debt service. The joint venture is in discussions with the special servicer to resolve this default.
Covenants
Revolving Credit Facility Covenants |
| ||||
|
| Actual |
| Required |
|
Total Debt / Total Assets |
| 47.2 | % | Less than 60% |
|
Fixed Charge Coverage |
| 1.8 | x | Greater than 1.5x |
|
Unsecured Notes Covenants |
| ||||
|
| Actual |
| Required |
|
Total Debt / Total Assets |
| 36.0 | % | Less than 60% |
|
Secured Debt / Total Assets |
| 16.0 | % | Less than 40% |
|
Debt Service Coverage |
| 2.8 | x | Greater than 1.5x |
|
Unencumbered Assets / Unsecured Debt |
| 410.0 | % | Greater than 150% |
|
DEBT SUMMARY SCHEDULE - Reckson Operating Partnership | |
| |
Unaudited | |
($000’s omitted) |
Consolidated
|
| Principal |
|
|
| 2013 |
|
|
|
|
| As-Of |
|
|
|
|
| Outstanding |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
|
|
| 12/31/2012 |
| Coupon (1) |
| Amortization |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
919 Third Avenue |
| 500,000 |
| 5.12 | % | — |
| Jun-23 |
| 450,608 |
| — |
| Jun-13 |
|
|
| 500,000 |
| 5.12 | % | — |
|
|
| 450,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed rate debt - Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
609 Partners, LLC |
| 23 |
| 5.00 | % | — |
| Jul-14 |
| 23 |
| — |
| Open |
|
Preferred Equity Investment |
| 50,000 |
| 8.00 | % | — |
| Sep-19 |
| 50,000 |
| — |
| Open |
|
|
| 50,023 |
| 8.00 | % | — |
|
|
| 50,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured notes |
| 75,898 |
| 5.88 | % | — |
| Aug-14 |
| 75,898 |
| — |
| Open |
|
Unsecured notes |
| 255,165 |
| 6.00 | % | — |
| Mar-16 |
| 255,308 |
| — |
| Open |
|
Term loan (swapped) |
| 30,000 |
| 3.20 | % | — |
| Mar-18 |
| 30,000 |
| — |
| Open |
|
Unsecured notes |
| 249,620 |
| 5.00 | % | — |
| Aug-18 |
| 250,000 |
| — |
| Open |
|
Unsecured notes |
| 250,000 |
| 7.75 | % | — |
| Mar-20 |
| 250,000 |
| — |
| Open |
|
Unsecured notes |
| 200,000 |
| 4.50 | % | — |
| Dec-22 |
| 200,000 |
| — |
| Open |
|
Convertible notes |
| 7 |
| 4.00 | % | — |
| Jun-25 | (2) | 7 |
| — |
| Jun-15 |
|
|
| 1,060,690 |
| 5.81 | % | — |
|
|
| 1,061,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Rate Debt/Wtd Avg |
| 1,610,713 |
| 5.66 | % | — |
|
|
| 1,561,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility (Libor + 145 bps) |
| 70,000 |
| 1.67 | % | — |
| Mar-17 |
| 70,000 |
| Mar-18 |
| Open |
|
Term loan (Libor + 165 bps) |
| 370,000 |
| 1.87 | % | — |
| Mar-18 |
| 370,000 |
| — |
| Open |
|
Total Floating Rate Debt/Wtd Avg |
| 440,000 |
| 1.84 | % | — |
|
|
| 440,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Consolidated |
| 2,050,713 |
| 4.84 | % | — |
|
|
| 2,001,844 |
|
|
|
|
|
(1) Effective Libor at the quarter end used to determine coupon on floating rate debt. Certain loans are subject to Libor floors.
(2) Notes can be put to the Company, at the option of the holder, on June 15, 2015.
Covenants
Revolving Credit Facility Covenants |
| ||||
|
| Actual |
| Required |
|
Total Debt / Total Assets |
| 44.3 | % | Less than 60% |
|
Fixed Charge Coverage |
| 2.6 | x | Greater than 1.5x |
|
Secured Debt / Total Assets |
| 10.3 | % | Less than 40% |
|
Unsecured Debt / Unencumbered Assets |
| 45.4 | % | Less than 60% |
|
SUMMARY OF GROUND LEASE ARRANGEMENTS Consolidated |
|
|
|
|
|
|
|
|
|
| Deferred |
|
|
| |||||
|
| 2013 Scheduled |
| 2014 Scheduled |
| 2015 Scheduled |
| 2016 Scheduled |
| Land Lease |
| Year of |
| |||||
Property |
| Cash Payment |
| Cash Payment |
| Cash Payment |
| Cash Payment |
| Obligations (1) |
| Maturity |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
625 Madison Avenue |
| $ | 4,613 |
| $ | 4,613 |
| $ | 4,613 |
| $ | 4,613 |
| $ | — |
| 2022 | (2) |
461 Fifth Avenue |
| 2,100 |
| 2,100 |
| 2,100 |
| 2,100 |
| — |
| 2027 | (3) | |||||
420 Lexington Avenue |
| 10,933 |
| 10,933 |
| 10,933 |
| 10,933 |
| — |
| 2029 | (4) | |||||
711 Third Avenue |
| 5,250 |
| 5,250 |
| 5,250 |
| 5,354 |
| 331 |
| 2033 | (5) | |||||
752 Madison Avenue/19-21 East 65th Street |
| 212 |
| 212 |
| 212 | (6) | 212 |
| — |
| 2037 |
| |||||
1185 Avenue of the Americas |
| 6,909 |
| 6,909 |
| 6,909 |
| 6,909 |
| — |
| 2043 |
| |||||
673 First Avenue |
| 6,800 |
| 6,800 |
| 7,027 |
| 7,480 |
| 20,566 |
| 2087 |
| |||||
1055 Washington Blvd, Stamford |
| 615 |
| 615 |
| 615 |
| 615 |
| — |
| 2090 |
| |||||
1080 Amsterdam Avenue |
| — |
| 100 |
| 100 |
| 100 |
| — |
| 2111 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 37,432 |
| $ | 37,532 |
| $ | 37,759 |
| $ | 38,316 |
| $ | 20,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized Lease |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
673 First Avenue |
| $ | 1,555 |
| $ | 1,555 |
| $ | 1,593 |
| $ | 1,707 |
| $ | 17,186 |
| 2037 |
|
1080 Amsterdam Avenue |
| — |
| 150 |
| 150 |
| 150 |
| 20,332 |
| 2111 |
| |||||
Total |
| $ | 1,555 |
| $ | 1,705 |
| $ | 1,743 |
| $ | 1,857 |
| $ | 37,518 |
|
|
|
(1) Per the balance sheet at December 31, 2012.
(2) Subject to renewal at the Company’s option through 2054.
(3) The Company has an option to purchase the ground lease for a fixed price on a specific date.
(4) Subject to renewal at the Company’s option through 2080.
(5) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.
(6) Subject to a fair market value rent reset in 2015. The ground lease is subject to renewal through 2087.
DEBT AND PREFERRED EQUITY INVESTMENTS
($000’s omitted)
|
|
| Assets |
| Weighted Average |
| Weighted Average |
| Current |
| ||
|
| Outstanding |
| Assets During Quarter |
| Yield During Quarter |
| Yield (2) |
| ||
|
|
|
|
|
|
|
|
|
| ||
9/30/2011 |
| $ | 897,028 |
| $ | 811,836 |
| 7.99 | % | 8.02 | % |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion (1) |
| $ | 102,026 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
| $ | 4,373 |
|
|
|
|
|
|
| |
Redemptions/Sales/Amortization/Reserves |
| $ | (17,485 | ) |
|
|
|
|
|
| |
12/31/2011 |
| $ | 985,942 |
| $ | 961,012 |
| 8.20 | % | 8.36 | % |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion (1) |
| $ | 71,967 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
| $ | 4,356 |
|
|
|
|
|
|
| |
Redemptions/Sales/Amortization |
| $ | (62,692 | ) |
|
|
|
|
|
| |
3/31/2012 |
| $ | 999,573 |
| $ | 1,012,386 |
| 8.96 | % | 9.65 | % |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion (1) |
| $ | 62,038 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
| $ | 20,727 |
|
|
|
|
|
|
| |
Redemptions/Sales/Amortization (3) |
| $ | (100,129 | ) |
|
|
|
|
|
| |
6/30/2012 |
| $ | 982,209 |
| $ | 1,025,495 |
| 9.39 | % | 10.08 | % |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion (1) |
| $ | 208,633 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
| $ | 6,232 |
|
|
|
|
|
|
| |
Redemptions/Sales/Amortization |
| $ | (125,433 | ) |
|
|
|
|
|
| |
9/30/2012 |
| $ | 1,071,641 |
| $ | 1,086,824 |
| 9.62 | % | 9.55 | % |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion (1) |
| $ | 282,959 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
| $ | 16,028 |
|
|
|
|
|
|
| |
Redemptions/Sales/Amortization |
| $ | (13,425 | ) |
|
|
|
|
|
| |
12/31/2012 |
| $ | 1,357,203 |
| $ | 1,174,987 |
| 9.88 | % | 9.93 | % |
(1) Accretion includes original issue discounts and compounding investment income.
(2) Includes interest, origination fees and amortized discount recognized in the last month of the quarter.
(3) Included $91,574 of a First Mortgage that was reclassified to assets held for sale.
DEBT AND PREFERRED EQUITY INVESTMENTS
($000’s omitted)
|
|
|
|
|
|
| Weighted Average |
| Weighted Average |
| Current |
| |||
Type of Investment |
| Quarter End Balance (1) |
| Senior Financing |
| Exposure PSF |
| Yield During Quarter |
| Yield |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
New York City |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Senior Mortgage Debt |
| $ | 233,068 |
| $ | 0 |
| $ | 645 |
| 11.07 | % | 11.08 | % |
|
|
|
|
|
|
|
|
|
|
|
| |||
Junior Mortgage Participation |
| $ | 205,858 |
| $ | 2,006,462 |
| $ | 440 |
| 9.40 | % | 9.46 | % |
|
|
|
|
|
|
|
|
|
|
|
| |||
Mezzanine Debt |
| $ | 577,392 |
| $ | 893,211 |
| $ | 748 |
| 9.35 | % | 9.38 | % |
|
|
|
|
|
|
|
|
|
|
|
| |||
Preferred Equity |
| $ | 340,885 |
| $ | 1,533,347 |
| $ | 376 |
| 10.04 | % | 10.12 | % |
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance as of 12/31/12 |
| $ | 1,357,203 |
| $ | 4,433,020 |
| $ | 590 |
| 9.88 | % | 9.93 | % |
Current Maturity Profile (2)
(1) Approximately 32.4% of our 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 2.21 years.
DEBT AND PREFERRED EQUITY INVESTMENTS
($000’s omitted) |
|
| Book Value (1) |
|
|
|
|
| Senior |
|
|
| Current |
| |||
Investment Type |
| 12/31/12 |
| Location |
| Collateral Type |
| Financing |
| Last $ PSF |
| Yield |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Mortgage |
| $ | 218,068 |
| New York City |
| Office |
| — |
| $ | 672 |
| 11.24 | % | |
Preferred Equity |
| 210,918 |
| New York City |
| Office |
| 926,260 |
| $ | 450 |
| 8.99 | % | ||
Mortgage and Mezzanine |
| 132,000 |
| New York City |
| Office |
| 330,000 |
| $ | 284 |
| 9.69 | % | ||
Mortgage and Mezzanine |
| 115,804 |
| New York City |
| Office |
| 1,109,000 |
| $ | 1,115 |
| 8.93 | % | ||
Preferred Equity |
| 100,831 |
| New York City |
| Office |
| 480,000 |
| $ | 251 |
| 13.35 | % | ||
Mezzanine Loan |
| 71,067 |
| New York City |
| Office/Retail |
| 165,000 |
| $ | 1,980 |
| 10.05 | % | ||
Mortgage and Mezzanine |
| 66,544 |
| New York City |
| Office/Retail |
| 205,000 |
| $ | 392 |
| 7.41 | % | ||
Mezzanine Loan |
| 60,000 |
| New York City |
| Office |
| 170,000 |
| $ | 337 |
| 10.02 | % | ||
Mezzanine Loan |
| 56,289 |
| New York City |
| Office |
| 92,711 |
| $ | 281 |
| 8.94 | % | ||
Junior Mortgage Participation |
| 49,000 |
| New York City |
| Office |
| 133,000 |
| $ | 475 |
| 8.77 | % | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total |
| $ | 1,080,521 |
|
|
|
|
| $ | 3,610,971 |
|
|
| 9.95 | % | |
(1) Net of unamortized fees and discounts.
SELECTED PROPERTY DATA
Manhattan Properties |
|
|
|
|
|
| # of |
| Useable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized Cash Rent |
| Total |
| |||||||||||
Properties |
| SubMarket |
| Ownership |
| Bldgs |
| Sq. Feet |
| Sq. Feet |
| Dec-12 |
| Sep-12 |
| Jun-12 |
| Mar-12 |
| Dec-11 |
| Cash Rent ($’s) |
| 100% |
| SLG |
| Tenants |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
“Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
100 Church Street |
| Downtown |
| Fee Interest |
| 1 |
| 1,047,500 |
| 4 |
| 81.8 |
| 81.8 |
| 81.8 |
| 81.8 |
| 70.9 |
| 32,332,824 |
| 4 |
| 3 |
| 15 |
| |
120 West 45th Street |
| Midtown |
| Fee Interest |
| 1 |
| 440,000 |
| 1 |
| 79.5 |
| 81.5 |
| 86.0 |
| 86.0 |
| 84.3 |
| 20,570,712 |
| 2 |
| 2 |
| 22 |
| |
125 Park Avenue |
| Grand Central |
| Fee Interest |
| 1 |
| 604,245 |
| 2 |
| 73.1 |
| 73.8 |
| 73.8 |
| 70.0 |
| 70.0 |
| 27,111,432 |
| 3 |
| 2 |
| 18 |
| |
220 East 42nd Street |
| Grand Central |
| Fee Interest |
| 1 |
| 1,135,000 |
| 4 |
| 94.9 |
| 94.9 |
| 94.8 |
| 94.6 |
| 95.2 |
| 47,830,560 |
| 5 |
| 4 |
| 31 |
| |
317 Madison Avenue |
| Grand Central |
| Fee Interest |
| 1 |
| 450,000 |
| 2 |
| 81.3 |
| 80.2 |
| 80.6 |
| 85.1 |
| 85.6 |
| 20,475,852 |
| 2 |
| 2 |
| 72 |
| |
333 West 34th Street |
| Penn Station |
| Fee Interest |
| 1 |
| 345,400 |
| 1 |
| 100.0 |
| 90.2 |
| 90.2 |
| 90.2 |
| 90.2 |
| 14,551,572 |
| 2 |
| 1 |
| 3 |
| |
420 Lexington Ave (Graybar) |
| Grand Central North |
| Leasehold Interest |
| 1 |
| 1,188,000 |
| 4 |
| 92.5 |
| 90.5 |
| 89.6 |
| 90.9 |
| 90.3 |
| 65,446,140 |
| 7 |
| 6 |
| 226 |
| |
461 Fifth Avenue (1) |
| Midtown |
| Leasehold Interest |
| 1 |
| 200,000 |
| 1 |
| 99.4 |
| 95.9 |
| 98.8 |
| 98.8 |
| 98.8 |
| 15,953,568 |
| 2 |
| 1 |
| 14 |
| |
485 Lexington Avenue |
| Grand Central North |
| Fee Interest |
| 1 |
| 921,000 |
| 3 |
| 100.0 |
| 99.1 |
| 94.1 |
| 90.8 |
| 90.8 |
| 53,699,208 |
| 6 |
| 5 |
| 24 |
| |
555 West 57th Street |
| Midtown West |
| Fee Interest |
| 1 |
| 941,000 |
| 3 |
| 99.2 |
| 99.2 |
| 99.2 |
| 99.2 |
| 99.2 |
| 33,682,356 |
| 4 |
| 3 |
| 11 |
| |
609 Fifth Avenue |
| Rockefeller Center |
| Fee Interest |
| 1 |
| 160,000 |
| 1 |
| 85.2 |
| 85.2 |
| 85.2 |
| 84.7 |
| 84.7 |
| 13,487,388 |
| 1 |
| 1 |
| 9 |
| |
625 Madison Avenue |
| Plaza District |
| Leasehold Interest |
| 1 |
| 563,000 |
| 2 |
| 94.5 |
| 93.8 |
| 94.5 |
| 94.5 |
| 94.6 |
| 47,929,236 |
| 5 |
| 4 |
| 23 |
| |
673 First Avenue |
| Grand Central South |
| Leasehold Interest |
| 1 |
| 422,000 |
| 1 |
| 100.0 |
| 99.4 |
| 99.7 |
| 99.7 |
| 99.7 |
| 20,578,332 |
| 2 |
| 2 |
| 8 |
| |
711 Third Avenue (2) |
| Grand Central North |
| Leasehold Interest |
| 1 |
| 524,000 |
| 2 |
| 86.3 |
| 86.3 |
| 87.5 |
| 87.5 |
| 94.8 |
| 25,843,632 |
| 3 |
| 2 |
| 16 |
| |
750 Third Avenue |
| Grand Central North |
| Fee Interest |
| 1 |
| 780,000 |
| 3 |
| 97.5 |
| 98.0 |
| 97.9 |
| 97.9 |
| 97.1 |
| 41,119,548 |
| 4 |
| 4 |
| 31 |
| |
810 Seventh Avenue |
| Times Square |
| Fee Interest |
| 1 |
| 692,000 |
| 2 |
| 87.6 |
| 86.0 |
| 85.5 |
| 86.4 |
| 86.4 |
| 37,771,128 |
| 4 |
| 3 |
| 39 |
| |
919 Third Avenue (3) |
| Grand Central North |
| Fee Interest |
| 1 |
| 1,454,000 |
| 5 |
| 96.9 |
| 96.9 |
| 96.9 |
| 96.9 |
| 99.9 |
| 86,011,788 |
|
|
| 4 |
| 13 |
| |
1185 Avenue of the Americas |
| Rockefeller Center |
| Leasehold Interest |
| 1 |
| 1,062,000 |
| 4 |
| 97.6 |
| 95.2 |
| 95.2 |
| 99.9 |
| 99.9 |
| 76,003,644 |
| 8 |
| 7 |
| 19 |
| |
1350 Avenue of the Americas |
| Rockefeller Center |
| Fee Interest |
| 1 |
| 562,000 |
| 2 |
| 97.0 |
| 94.8 |
| 97.8 |
| 97.8 |
| 90.0 |
| 36,075,624 |
| 4 |
| 3 |
| 38 |
| |
1 Madison Avenue |
| Park Avenue South |
| Fee Interest |
| 1 |
| 1,176,900 |
| 4 |
| 98.7 |
| 98.7 |
| 98.7 |
| 99.8 |
| 99.8 |
| 67,030,020 |
| 7 |
| 6 |
| 2 |
| |
331 Madison Avenue |
| Grand Central |
| Fee Interest |
| 1 |
| 114,900 |
| 0 |
| 84.2 |
| 86.6 |
| 97.4 |
| 96.9 |
| 96.9 |
| 4,238,796 |
| 0 |
| 0 |
| 16 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
| 21 |
| 14,782,945 |
| 50 | % | 93.0 | % | 92.2 | % | 92.3 | % | 92.6 | % | 92.0 | % | $ | 787,743,360 |
| 76 | % | 65 | % | 650 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
“Non Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
51 East 42nd Street |
| Grand Central |
| Fee Interest |
| 1 |
| 142,000 |
| 0 |
| 85.9 |
| 87.1 |
| 95.5 |
| 96.9 |
| 95.5 |
| 6,660,564 |
| 1 |
| 1 |
| 88 |
| |
110 East 42nd Street |
| Grand Central |
| Fee Interest |
| 1 |
| 205,000 |
| 1 |
| 81.6 |
| 77.7 |
| 77.7 |
| 78.7 |
| 69.9 |
| 8,102,136 |
| 1 |
| 1 |
| 20 |
| |
180 Maiden Lane (4) |
| Financial East |
| Fee Interest |
| 1 |
| 1,090,000 |
| 4 |
| 97.7 |
| 97.7 |
| 97.7 |
| 97.7 |
| 97.7 |
| 52,681,692 |
|
|
| 2 |
| 5 |
| |
304 Park Avenue South |
| Midtown South |
| Fee Interest |
| 1 |
| 215,000 |
| 1 |
| 95.8 |
| 95.8 |
| 95.8 |
| — |
| — |
| 10,433,676 |
| 1 |
| 1 |
| 17 |
| |
641 Sixth Avenue |
| Midtown South |
| Fee Interest |
| 1 |
| 163,000 |
| 1 |
| 92.1 |
| 92.1 |
| — |
| — |
| — |
| 7,878,132 |
| 1 |
| 1 |
| 8 |
| |
1515 Broadway |
| Times Square |
| Fee Interest |
| 1 |
| 1,750,000 |
| 6 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 109,293,600 |
| 12 |
| 10 |
| 13 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
| 6 |
| 3,565,000 |
| 12 | % | 97.0 | % | 96.9 | % | 97.5 | % | 97.7 | % | 97.1 | % | $ | 195,049,800 |
| 15 | % | 15 | % | 151 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Manhattan Consolidated Properties |
| 27 |
| 18,347,945 |
| 62 | % | 93.8 | % | 93.1 | % | 93.2 | % | 93.5 | % | 92.9 | % | $ | 982,793,160 |
| 91 | % | 79 | % | 801 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
“Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
100 Park Avenue - 50% |
| Grand Central South |
| Fee Interest |
| 1 |
| 834,000 |
| 3 |
| 94.6 |
| 95.1 |
| 95.2 |
| 95.0 |
| 95.0 |
| 51,892,020 |
|
|
| 2 |
| 36 |
| |
388 & 390 Greenwich Street - 50.6% |
| Downtown |
| Fee Interest |
| 2 |
| 2,635,000 |
| 9 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 107,986,128 |
|
|
| 5 |
| 1 |
| |
600 Lexington Avenue - 55% |
| East Side |
| Fee Interest |
| 1 |
| 303,515 |
| 1 |
| 73.7 |
| 79.0 |
| 70.4 |
| 72.6 |
| 72.6 |
| 15,980,040 |
|
|
| 1 |
| 26 |
| |
800 Third Avenue - 42.95% |
| Grand Central North |
| Fee Interest |
| 1 |
| 526,000 |
| 2 |
| 87.1 |
| 87.1 |
| 86.3 |
| 84.2 |
| 84.3 |
| 26,362,608 |
|
|
| 1 |
| 35 |
| |
1745 Broadway - 32.3% |
| Midtown |
| Fee Interest |
| 1 |
| 674,000 |
| 2 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 35,307,396 |
|
|
| 1 |
| 1 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
| 6 |
| 4,972,515 |
| 17 | % | 96.1 | % | 96.5 | % | 95.9 | % | 95.8 | % | 95.8 | % | $ | 237,528,192 |
|
|
| 10 | % | 99 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
“Non Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
10 East 53rd Street - 55% |
| Plaza District |
| Fee Interest |
| 1 |
| 354,300 |
| 1 |
| 90.0 |
| 90.6 |
| 91.9 |
| 91.9 |
| — |
| 18,725,484 |
|
|
| 1 |
| 17 |
| |
315 West 36th Street - 35.5% |
| Times Square South |
| Fee Interest |
| 1 |
| 147,619 |
| 0 |
| 99.2 |
| — |
| — |
| — |
| — |
| 3,763,464 |
|
|
| 0 |
| 6 |
| |
521 Fifth Avenue - 50.5% |
| Grand Central |
| Fee Interest |
| 1 |
| 460,000 |
| 2 |
| 85.2 |
| 85.6 |
| 88.7 |
| 90.9 |
| 90.9 |
| 22,424,688 |
|
|
| 1 |
| 41 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
| 3 |
| 961,919 |
| 3 | % | 89.1 | % | 87.8 | % | 90.1 | % | 91.3 | % | 90.9 | % | $ | 44,913,636 |
|
|
| 2 | % | 64 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Unconsolidated Properties |
| 9 |
| 5,934,434 |
| 20 | % | 95.0 | % | 95.3 | % | 95.1 | % | 95.2 | % | 95.4 | % | $ | 282,441,828 |
|
|
| 12 | % | 163 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Manhattan Grand Total / Weighted Average |
| 36 |
| 24,282,379 |
| 82 | % | 94.1 | % | 93.7 | % | 93.7 | % | 93.9 | % | 92.5 | % | $ | 1,265,234,988 |
|
|
|
|
| 964 |
| ||||
Manhattan Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,049,312,825 |
|
|
| 91 | % |
|
| ||||
Manhattan Same Store Occupancy % - Combined |
|
|
| 19,755,460 |
| 81 | % | 93.8 | % | 93.3 | % | 93.2 | % | 93.4 | % | 93.0 | % |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Portfolio Grand Total |
|
|
|
|
| 66 |
| 29,685,079 |
| 100 | % | 91.7 | % | 91.4 | % | 91.6 | % | 91.9 | % | 91.5 | % | $ | 1,398,749,136 |
|
|
|
|
| 1,399 |
|
Portfolio Grand Total - SLG Share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,148,543,723 |
|
|
| 100 | % |
|
|
(1) SL Green holds an option to acquire the fee interest.
(2) SL Green owns 50% of the fee interest.
(3) SL Green holds a 51% interest in this consolidated joint venture asset.
(4) SL Green holds a 49.9% interest in this consolidated joint venture asset.
SELECTED PROPERTY DATA |
|
|
|
|
|
| # of |
| Useable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized Cash Rent |
| Total |
| |||||||||||
Properties |
| SubMarket |
| Ownership |
| Bldgs |
| Sq. Feet |
| Sq. Feet |
| Dec-12 |
| Sep-12 |
| Jun-12 |
| Mar-12 |
| Dec-11 |
| Cash Rent ($’s) |
| 100% |
| SLG |
| Tenants |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
“Same Store” Westchester, NY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1100 King Street - 1 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 1 |
| 90,000 |
| 0 |
| 74.9 |
| 74.9 |
| 74.9 |
| 74.9 |
| 74.9 |
| 1,713,504 |
| 0 |
| 0 |
| 1 |
| |
1100 King Street - 2 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 1 |
| 90,000 |
| 0 |
| 47.0 |
| 47.0 |
| 80.3 |
| 80.3 |
| 80.3 |
| 1,337,520 |
| 0 |
| 0 |
| 3 |
| |
1100 King Street - 3 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 1 |
| 90,000 |
| 0 |
| 63.3 |
| 70.8 |
| 78.7 |
| 78.7 |
| 80.1 |
| 1,658,796 |
| 0 |
| 0 |
| 2 |
| |
1100 King Street - 4 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 1 |
| 90,000 |
| 0 |
| 59.4 |
| 59.4 |
| 59.4 |
| 59.4 |
| 59.4 |
| 1,589,940 |
| 0 |
| 0 |
| 7 |
| |
1100 King Street - 5 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 1 |
| 90,000 |
| 0 |
| 79.8 |
| 79.2 |
| 79.2 |
| 79.2 |
| 79.2 |
| 1,880,748 |
| 0 |
| 0 |
| 7 |
| |
1100 King Street - 6 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 1 |
| 90,000 |
| 0 |
| 71.2 |
| 78.2 |
| 78.2 |
| 78.2 |
| 78.2 |
| 2,253,072 |
| 0 |
| 0 |
| 3 |
| |
520 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| 1 |
| 180,000 |
| 1 |
| 72.5 |
| 72.5 |
| 72.5 |
| 73.6 |
| 73.6 |
| 3,671,304 |
| 0 |
| 0 |
| 8 |
| |
115-117 Stevens Avenue |
| Valhalla, Westchester |
| Fee Interest |
| 1 |
| 178,000 |
| 1 |
| 86.0 |
| 86.0 |
| 86.0 |
| 85.5 |
| 85.5 |
| 2,577,300 |
| 0 |
| 0 |
| 11 |
| |
100 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 1 |
| 250,000 |
| 1 |
| 70.7 |
| 70.7 |
| 69.5 |
| 69.5 |
| 61.2 |
| 4,065,456 |
| 0 |
| 0 |
| 10 |
| |
200 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 1 |
| 245,000 |
| 1 |
| 87.5 |
| 87.5 |
| 87.5 |
| 87.5 |
| 87.5 |
| 5,218,368 |
| 1 |
| 0 |
| 7 |
| |
500 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 1 |
| 228,000 |
| 1 |
| 76.9 |
| 76.9 |
| 76.9 |
| 76.9 |
| 78.1 |
| 3,982,824 |
| 0 |
| 1 |
| 6 |
| |
140 Grand Street |
| White Plains, Westchester |
| Fee Interest |
| 1 |
| 130,100 |
| 0 |
| 95.3 |
| 95.3 |
| 95.3 |
| 95.3 |
| 93.6 |
| 4,112,952 |
| 0 |
| 0 |
| 12 |
| |
360 Hamilton Avenue |
| White Plains, Westchester |
| Fee Interest |
| 1 |
| 384,000 |
| 1 |
| 94.3 |
| 94.3 |
| 94.3 |
| 94.3 |
| 94.3 |
| 13,288,356 |
| 1 |
| 1 |
| 16 |
| |
Westchester, NY Subtotal/Weighted Average |
| 13 |
| 2,135,100 |
| 8 | % | 79.2 | % | 79.8 | % | 81.4 | % | 81.5 | % | 80.6 | % | $ | 47,350,140 |
| 5 | % | 5 | % | 93 |
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“Same Store” Connecticut |
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|
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1 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 312,000 |
| 1 |
| 97.8 |
| 93.9 |
| 94.9 |
| 95.2 |
| 95.6 |
| 9,201,408 |
| 1 |
| 1 |
| 60 |
| |
2 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 46,000 |
| 0 |
| 69.0 |
| 66.6 |
| 66.6 |
| 66.6 |
| 64.1 |
| 801,060 |
| 0 |
| 0 |
| 9 |
| |
3 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 130,000 |
| 0 |
| 54.6 |
| 54.6 |
| 54.6 |
| 54.6 |
| 52.3 |
| 2,347,596 |
| 0 |
| 0 |
| 12 |
| |
4 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 105,000 |
| 0 |
| 76.6 |
| 72.7 |
| 72.7 |
| 72.7 |
| 72.7 |
| 2,336,940 |
| 0 |
| 0 |
| 9 |
| |
5 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 61,000 |
| 0 |
| 99.5 |
| 99.5 |
| 99.5 |
| 99.5 |
| 99.1 |
| 934,680 |
| 0 |
| 0 |
| 11 |
| |
6 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 172,000 |
| 1 |
| 83.4 |
| 87.1 |
| 87.1 |
| 87.1 |
| 87.1 |
| 3,743,244 |
| 0 |
| 0 |
| 5 |
| |
680 Washington Boulevard (1) |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 133,000 |
| 0 |
| 74.6 |
| 74.6 |
| 88.5 |
| 88.5 |
| 88.5 |
| 4,083,912 |
|
|
| 0 |
| 7 |
| |
750 Washington Boulevard (1) |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 192,000 |
| 1 |
| 93.6 |
| 93.6 |
| 93.6 |
| 93.6 |
| 93.6 |
| 7,332,120 |
|
|
| 0 |
| 9 |
| |
1055 Washington Boulevard |
| Stamford, Connecticut |
| Leasehold Interest |
| 1 |
| 182,000 |
| 1 |
| 86.0 |
| 78.7 |
| 79.7 |
| 81.0 |
| 84.5 |
| 5,680,620 |
| 1 |
| 0 |
| 21 |
| |
300 Main Street |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 130,000 |
| 0 |
| 86.4 |
| 86.4 |
| 84.9 |
| 88.8 |
| 88.8 |
| 1,503,192 |
| 0 |
| 0 |
| 20 |
| |
1010 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 143,400 |
| 0 |
| 60.9 |
| 60.9 |
| 53.6 |
| 51.5 |
| 53.3 |
| 2,801,568 |
| 0 |
| 0 |
| 17 |
| |
500 West Putnam Avenue |
| Greenwich, Connecticut |
| Fee Interest |
| 1 |
| 121,500 |
| 0 |
| 55.1 |
| 55.1 |
| 51.3 |
| 51.3 |
| 51.3 |
| 2,920,224 |
| 0 |
| 0 |
| 10 |
| |
Connecticut Subtotal/Weighted Average |
| 12 |
| 1,727,900 |
| 5 | % | 80.7 | % | 79.3 | % | 79.7 | % | 80.0 | % | 80.3 | % | $ | 43,686,564 |
| 3 | % | 3 | % | 190 |
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|
|
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| |
Total / Weighted Average Consolidated Properties |
| 25 |
| 3,863,000 |
| 13 | % | 79.9 | % | 79.6 | % | 80.6 | % | 80.8 | % | 80.5 | % | $ | 91,036,704 |
| 9 | % | 8 | % | 283 |
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UNCONSOLIDATED PROPERTIES |
|
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“Same Store” |
|
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| |
The Meadows - 50% |
| Rutherford, New Jersey |
| Fee Interest |
| 2 |
| 582,100 |
| 2 |
| 79.7 |
| 82.2 |
| 80.8 |
| 80.8 |
| 79.0 |
| 12,653,352 |
|
|
| 1 |
| 51 |
| |
16 Court Street - 35% |
| Brooklyn, New York |
| Fee Interest |
| 1 |
| 317,600 |
| 1 |
| 84.0 |
| 83.7 |
| 81.1 |
| 87.4 |
| 90.3 |
| 9,626,952 |
|
|
| 0 |
| 66 |
| |
Jericho Plaza - 20.26% |
| Jericho, New York |
| Fee Interest |
| 2 |
| 640,000 |
| 2 |
| 89.6 |
| 91.2 |
| 95.2 |
| 95.2 |
| 95.2 |
| 20,197,140 |
|
|
| 0 |
| 35 |
| |
Total / Weighted Average Unconsolidated Properties |
| 5 |
| 1,539,700 |
| 5 | % | 84.7 | % | 86.2 | % | 86.9 | % | 88.2 | % | 88.1 | % | $ | 42,477,444 |
|
|
| 1 | % | 152 |
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| |
Suburban Grand Total / Weighted Average |
| 30 |
| 5,402,700 |
| 18 | % | 81.3 | % | 81.5 | % | 82.4 | % | 82.9 | % | 82.6 | % | $ | 133,514,148 |
|
|
|
|
| 435 |
| ||||
Suburban Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 99,230,898 |
|
|
| 9 | % |
|
| ||||
Suburban Same Store Occupancy % - Combined |
|
|
| 5,402,700 |
| 100 | % | 81.3 | % | 81.5 | % | 82.4 | % | 82.9 | % | 82.6 | % |
|
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|
|
|
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|
|
(1) SL Green holds a 51% interest in this consolidated joint venture asset.
SELECTED PROPERTY DATA |
|
|
|
|
|
| # of |
| Useable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized |
| Gross Total |
| Total |
| |||||||||||
Properties |
| SubMarket |
| Ownership |
| Bldgs |
| Sq. Feet |
| Sq. Feet |
| Dec-12 |
| Sep-12 |
| Jun-12 |
| Mar-12 |
| Dec-11 |
| Cash Rent ($’s) |
| Cash Rent (SLG%) |
| Book Value |
| Tenants |
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| |||
“Same Store” Retail |
|
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|
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| |||
1604 Broadway - 63% |
| Times Square |
| Leasehold Interest |
| 1 |
| 29,876 |
| 6 |
| 23.7 |
| 23.7 |
| 23.7 |
| 23.7 |
| 23.7 |
| 2,001,902 |
| 4 |
| 7,490,827 |
| 2 |
| |||
11 West 34th Street - 30% |
| Herald Square/Penn Station |
| Fee Interest |
| 1 |
| 17,150 |
| 4 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 2,231,736 |
| 2 |
| 15,382,405 |
| 1 |
| |||
21-25 West 34th Street - 50% |
| Herald Square/Penn Station |
| Fee Interest |
| 1 |
| 30,100 |
| 6 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 7,866,780 |
| 13 |
| 23,349,965 |
| 1 |
| |||
27-29 West 34th Street - 50% |
| Herald Square/Penn Station |
| Fee Interest |
| 1 |
| 15,600 |
| 3 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 4,636,224 |
| 8 |
| 47,990,772 |
| 2 |
| |||
717 Fifth Avenue - 10.92% |
| Midtown/Plaza District |
| Fee Interest |
| 1 |
| 119,550 |
| 25 |
| 89.4 |
| 89.4 |
| 89.4 |
| 89.4 |
| 89.4 |
| 34,271,976 |
| 12 |
| 279,966,857 |
| 7 |
| |||
Williamsburg Terrace |
| Brooklyn, NY |
| Fee Interest |
| 1 |
| 52,000 |
| 11 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 1,552,560 |
| 5 |
| 16,357,696 |
| 3 |
| |||
Subtotal/Weighted Average |
| 6 |
| 264,276 |
| 56 | % | 86.6 | % | 86.6 | % | 86.6 | % | 86.6 | % | 86.6 | % | $ | 52,561,178 |
| 44 | % | $ | 390,538,521 |
| 16 |
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| |||
“Non Same Store” Retail |
|
|
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|
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| |||
19-21 East 65th Street - 80% |
| Plaza District |
| Leasehold Interest |
| 2 |
| 23,610 |
| 5 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 1,460,108 |
| 4 |
| 7,520,647 |
| 7 |
| |||
21 East 66th Street - 32.28% |
| Plaza District |
| Fee Interest |
| 1 |
| 16,736 |
| 4 |
| 100.0 |
| — |
| — |
| — |
| — |
| 3,282,000 |
| 3 |
| 75,000,000 |
| 1 |
| |||
44 West 55th Street - 80% |
| Plaza District |
| Fee Interest |
| 1 |
| 8,557 |
| 2 |
| 18.8 |
| 37.6 |
| 56.4 |
| 56.4 |
| — |
| 160,680 |
| 0 |
| 4,744,770 |
| 1 |
| |||
131-137 Spring Street |
| Soho |
| Fee Interest |
| 2 |
| 68,342 |
| 14 |
| 100.0 |
| — |
| — |
| — |
| — |
| 5,002,596 |
| 16 |
| 123,050,000 |
| 12 |
| |||
724 Fifth Avenue - 50% |
| Plaza District |
| Fee Interest |
| 1 |
| 65,010 |
| 14 |
| 84.7 |
| 84.7 |
| 91.6 |
| 92.9 |
| — |
| 12,279,960 |
| 20 |
| 223,775,768 |
| 8 |
| |||
752 Madison Avenue - 80% |
| Plaza District |
| Leasehold Interest |
| 1 |
| 21,124 |
| 4 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 3,189,324 |
| 8 |
| 7,131,361 |
| 1 |
| |||
762 Madison Avenue - 80% |
| Plaza District |
| Fee Interest |
| 1 |
| 6,109 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 1,296,192 |
| 3 |
| 16,625,566 |
| 5 |
| |||
Subtotal/Weighted Average |
| 9 |
| 209,488 |
| 44 | % | 91.9 | % | 87.7 | % | 92.6 | % | 93.3 | % | 0.0 | % | $ | 26,670,860 |
| 56 | % | $ | 457,848,112 |
| 35 |
| |||||
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|
|
|
|
|
|
|
| |||
Total / Weighted Average Retail Properties |
| 15 |
| 473,764 |
| 100 | % | 89.0 | % | 87.0 | % | 88.5 | % | 88.7 | % | 86.6 | % | $ | 79,232,038 |
| 100 | % | $ | 848,386,633 |
| 51 |
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| |||
Development |
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| |||
125 Chubb Way |
| Lyndhurst, NJ |
| Fee Interest |
| 1 |
| 278,000 |
| 11 |
| 57.1 |
| 57.1 |
| 57.1 |
| 57.1 |
| 32.1 |
| 3,562,656 |
| 8 |
| 55,010,857 |
| 4 |
| |||
150 Grand Street |
| White Plains, NY |
| Fee Interest |
| 1 |
| 85,000 |
| 3 |
| 33.0 |
| 33.0 |
| 33.0 |
| 26.4 |
| 26.0 |
| 674,868 |
| 1 |
| 16,935,677 |
| 16 |
| |||
7 Renaissance Square - 50% |
| White Plains, NY |
| Fee Interest |
| 1 |
| 65,641 |
| 3 |
| 29.2 |
| 8.1 |
| 8.1 |
| — |
| — |
| 617,004 |
| 1 |
| 5,599,360 |
| 2 |
| |||
180-182 Broadway - 25.5% |
| Cast Iron / Soho |
| Fee Interest |
| 2 |
| 156,086 |
| 6 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 109,670,267 |
| — |
| |||
33 Beekman Street - 45.9% |
| Downtown |
| Fee Interest |
| 1 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 32,876,373 |
| — |
| |||
7 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 1 |
| 36,800 |
| 1 |
| 10.8 |
| 10.8 |
| 10.8 |
| 10.8 |
| 10.8 |
| 313,536 |
| 1 |
| 9,315,978 |
| 1 |
| |||
3 Columbus Circle - 48.9% |
| Columbus Circle |
| Fee Interest |
| 1 |
| 530,981 |
| 20 |
| 51.6 |
| 28.3 |
| 14.4 |
| 15.7 |
| 16.8 |
| 23,437,454 |
| 25 |
| 546,830,288 |
| 18 |
| |||
280 Park Avenue - 49.5% |
| Park Avenue |
| Fee Interest |
| 1 |
| 1,219,158 |
| 47 |
| 55.0 |
| 55.9 |
| 54.0 |
| 55.1 |
| 74.5 |
| 59,163,552 |
| 64 |
| 1,032,415,484 |
| 30 |
| |||
635 Sixth Avenue |
| Midtown South |
| Fee Interest |
| 1 |
| 104,000 |
| 4 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 62,303,165 |
| — |
| |||
747 Madison Avenue - 33.33% |
| Plaza District |
| Fee Interest |
| 1 |
| 10,000 |
| 0 |
| — |
| — |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| — |
| 70,050,674 |
| — |
| |||
985-987 Third Avenue |
| Upper East Side |
| Fee Interest |
| 2 |
| 13,678 |
| 1 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 18,000,000 |
| — |
| |||
1080 Amsterdam - 87.5% |
| Upper West Side |
| Leasehold Interest |
| 1 |
| 82,250 |
| 3 |
| 2.2 |
| — |
| — |
| — |
| — |
| 146,475 |
| 0 |
| 29,126,126 |
| 1 |
| |||
1552-1560 Broadway - 50% |
| Times Square |
| Fee Interest |
| 2 |
| 35,897 |
| 1 |
| 23.3 |
| 23.3 |
| 59.7 |
| 59.7 |
| 59.7 |
| — |
| — |
| 168,549,897 |
| 1 |
| |||
Total / Weighted Average Development Properties |
| 16 |
| 2,617,491 |
| 100 |
| 44.5 | % | 41.1 | % | 38.2 | % | 38.5 | % | 45.4 | % | $ | 87,915,545 |
| 100 | % | $ | 2,156,684,146 |
| 73 |
| |||||
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| |||
“Same Store” Land |
|
|
|
|
|
|
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| |||
2 Herald Square (1) |
| Herald Square/Penn Station |
| Fee Interest |
| 1 |
| 354,400 |
| 37 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 11,250,000 |
| 42 |
| 229,336,692 |
|
|
| |||
885 Third Avenue (1) |
| Midtown/Plaza District |
| Fee Interest |
| 1 |
| 607,000 |
| 63 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 15,850,000 |
| 58 |
| 329,943,115 |
|
|
| |||
Total / Weighted Average Land |
| 2 |
| 961,400 |
| 100 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $ | 27,100,000 |
| 100 | % | $ | 559,279,807 |
|
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West Coast |
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| |||
West Coast Office Portfolio - 27.63% |
|
|
| Fee Interest |
| 59 |
| 4,473,603 |
| 100 |
| 76.9 |
| 76.3 |
| — |
| — |
| — |
| 94,707,029 |
| 100 |
| 855,103,924 |
|
|
| |||
Total / Weighted Average California Properties |
| 59 |
| 4,473,603 |
| 100 | % | 76.9 | % | 76.3 | % | 0.0 | % | 0.0 | % | 0.0 | % | $ | 94,707,029 |
| 100 | % | $ | 855,103,924 |
|
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| |||
Residential Properties |
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| |||||||
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| |||||||||||
|
|
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|
|
| # of |
| Useable |
|
|
| Occupancy (%) |
| Average Monthly |
| Annualized |
| Gross Total |
|
|
| |||||||||||
Properties |
| SubMarket |
| Ownership |
| Bldgs |
| Sq. Feet |
| Total Units |
| Dec-12 |
| Sep-12 |
| Jun-12 |
| Mar-12 |
| Dec-11 |
| Rent Per Unit ($’s) |
| Cash Rent ($’s) |
| Book Value |
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
| |||
400 East 57th Street - 80% |
| Upper East Side |
| Fee Interest |
| 1 |
| 290,482 |
| 260 |
| 91.9 |
| 95.4 |
| 96.9 |
| 95.0 |
| — |
| 2,715 |
| 9,411,103 |
| 112,856,111 |
|
|
| |||
400 East 58th Street - 80% |
| Upper East Side |
| Fee Interest |
| 1 |
| 140,000 |
| 125 |
| 97.6 |
| 97.6 |
| 94.4 |
| 96.0 |
| — |
| 2,883 |
| 4,623,280 |
| 49,570,810 |
|
|
| |||
Total / Weighted Average Residential Properties |
| 2 |
| 430,482 |
| 385 |
| 93.8 | % | 96.1 | % | 96.1 | % | 95.3 | % | — |
| $ | 2,770 |
| $ | 14,034,383 |
| $ | 162,426,921 |
|
|
| ||||
(1) Subject to long-term, third party net operating leases.
SELECTED PROPERTY DATA |
|
|
|
|
|
| Useable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized Cash Rent |
| Total |
| ||||||||||||
Properties |
| SubMarket |
| Ownership |
| Sq. Feet |
| Sq. Feet |
| Dec-12 |
| Sep-12 |
| Jun-12 |
| Mar-12 |
| Dec-11 |
| Cash Rent ($’s) |
| 100% |
| SLG |
| Tenants |
| ||
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
“Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
110 East 42nd Street |
| Grand Central |
| Fee Interest |
| 205,000 |
| 2 |
| 81.6 |
| 77.7 |
| 77.7 |
| 78.7 |
| 69.9 |
| 8,102,136 |
| 2 |
| 2 |
| 20 |
| ||
333 West 34th Street |
| Penn Station |
| Fee Interest |
| 345,400 |
| 3 |
| 100.0 |
| 90.2 |
| 90.2 |
| 90.2 |
| 90.2 |
| 14,551,572 |
| 4 |
| 3 |
| 3 |
| ||
461 Fifth Avenue |
| Midtown |
| Leasehold Interest |
| 200,000 |
| 2 |
| 99.4 |
| 95.9 |
| 98.8 |
| 98.8 |
| 98.8 |
| 15,953,568 |
| 4 |
| 4 |
| 14 |
| ||
555 West 57th Street |
| Midtown West |
| Fee Interest |
| 941,000 |
| 9 |
| 99.2 |
| 99.2 |
| 99.2 |
| 99.2 |
| 99.2 |
| 33,682,356 |
| 9 |
| 8 |
| 11 |
| ||
609 Fifth Avenue |
| Rockefeller Center |
| Fee Interest |
| 160,000 |
| 2 |
| 85.2 |
| 85.2 |
| 85.2 |
| 84.7 |
| 84.7 |
| 13,487,388 |
| 4 |
| 3 |
| 9 |
| ||
673 First Avenue |
| Grand Central South |
| Leasehold Interest |
| 422,000 |
| 4 |
| 100.0 |
| 99.4 |
| 99.7 |
| 99.7 |
| 99.7 |
| 20,578,332 |
| 6 |
| 5 |
| 8 |
| ||
750 Third Avenue |
| Grand Central North |
| Fee Interest |
| 780,000 |
| 8 |
| 97.5 |
| 98.0 |
| 97.9 |
| 97.9 |
| 97.1 |
| 41,119,548 |
| 11 |
| 10 |
| 31 |
| ||
810 Seventh Avenue |
| Times Square |
| Fee Interest |
| 692,000 |
| 7 |
| 87.6 |
| 86.0 |
| 85.5 |
| 86.4 |
| 86.4 |
| 37,771,128 |
| 10 |
| 9 |
| 39 |
| ||
919 Third Avenue |
| Grand Central North |
| Fee Interest (1) |
| 1,454,000 |
| 15 |
| 96.9 |
| 96.9 |
| 96.9 |
| 96.9 |
| 99.9 |
| 86,011,788 |
|
|
| 10 |
| 13 |
| ||
1185 Avenue of the Americas |
| Rockefeller Center |
| Leasehold Interest |
| 1,062,000 |
| 11 |
| 97.6 |
| 95.2 |
| 95.2 |
| 99.9 |
| 99.9 |
| 76,003,644 |
| 20 |
| 18 |
| 19 |
| ||
1350 Avenue of the Americas |
| Rockefeller Center |
| Fee Interest |
| 562,000 |
| 6 |
| 97.0 |
| 94.8 |
| 97.8 |
| 97.8 |
| 90.0 |
| 36,075,624 |
| 10 |
| 9 |
| 38 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Subtotal / Weighted Average |
|
|
| 6,823,400 |
| 68 | % | 96.2 | % | 94.8 | % | 95.0 | % | 95.9 | % | 95.5 | % | $ | 383,337,084 |
| 80 | % | 81 | % | 205 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
“Non Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
304 Park Avenue South |
| Midtown South |
| Fee Interest |
| 215,000 |
| 2 |
| 95.8 |
| 95.8 |
| 95.8 |
| — |
| — |
| 10,433,676 |
| 3 |
| 2 |
| 17 |
| ||
641 Sixth Avenue |
| Midtown South |
| Fee Interest |
| 163,000 |
| 2 |
| 92.1 |
| 92.1 |
| — |
| — |
| — |
| 7,878,132 |
| 2 |
| 2 |
| 8 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Subtotal / Weighted Average |
|
|
| 378,000 |
| 4 | % | 94.2 | % | 94.2 | % | 95.8 | % | — |
| — |
| $ | 18,311,808 |
| 5 | % | 4 | % | 25 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Grand Total / Weighted Average |
|
|
| 7,201,400 |
| 72 | % | 96.0 | % | 94.7 | % | 95.1 | % | 95.9 | % | 95.5 | % | $ | 401,648,892 |
| 85 | % |
|
| 230 |
| |||
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 359,503,116 |
|
|
| 85 | % |
|
| |||
| |||||||||||||||||||||||||||||
Suburban Properties - Reckson Portfolio | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
“Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1100 King Street - 1 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 74.9 |
| 74.9 |
| 74.9 |
| 74.9 |
| 74.9 |
| 1,713,504 |
| 0 |
| 0 |
| 1 |
| ||
1100 King Street - 2 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 47.0 |
| 47.0 |
| 80.3 |
| 80.3 |
| 80.3 |
| 1,337,520 |
| 0 |
| 0 |
| 3 |
| ||
1100 King Street - 3 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 63.3 |
| 70.8 |
| 78.7 |
| 78.7 |
| 80.1 |
| 1,658,796 |
| 0 |
| 0 |
| 2 |
| ||
1100 King Street - 4 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 59.4 |
| 59.4 |
| 59.4 |
| 59.4 |
| 59.4 |
| 1,589,940 |
| 0 |
| 0 |
| 7 |
| ||
1100 King Street - 5 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 79.8 |
| 79.2 |
| 79.2 |
| 79.2 |
| 79.2 |
| 1,880,748 |
| 1 |
| 0 |
| 7 |
| ||
1100 King Street - 6 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 71.2 |
| 78.2 |
| 78.2 |
| 78.2 |
| 78.2 |
| 2,253,072 |
| 1 |
| 1 |
| 3 |
| ||
520 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| 180,000 |
| 2 |
| 72.5 |
| 72.5 |
| 72.5 |
| 73.6 |
| 73.6 |
| 3,671,304 |
| 1 |
| 1 |
| 8 |
| ||
115-117 Stevens Avenue |
| Valhalla, Westchester |
| Fee Interest |
| 178,000 |
| 2 |
| 86.0 |
| 86.0 |
| 86.0 |
| 85.5 |
| 85.5 |
| 2,577,300 |
| 1 |
| 1 |
| 11 |
| ||
100 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 250,000 |
| 3 |
| 70.7 |
| 70.7 |
| 69.5 |
| 69.5 |
| 61.2 |
| 4,065,456 |
| 1 |
| 1 |
| 10 |
| ||
200 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 245,000 |
| 2 |
| 87.5 |
| 87.5 |
| 87.5 |
| 87.5 |
| 87.5 |
| 5,218,368 |
| 1 |
| 1 |
| 7 |
| ||
500 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 228,000 |
| 2 |
| 76.9 |
| 76.9 |
| 76.9 |
| 76.9 |
| 78.1 |
| 3,982,824 |
| 1 |
| 1 |
| 6 |
| ||
140 Grand Street |
| White Plains, Westchester |
| Fee Interest |
| 130,100 |
| 1 |
| 95.3 |
| 95.3 |
| 95.3 |
| 95.3 |
| 93.6 |
| 4,112,952 |
| 1 |
| 1 |
| 12 |
| ||
360 Hamilton Avenue |
| White Plains, Westchester |
| Fee Interest |
| 384,000 |
| 4 |
| 94.3 |
| 94.3 |
| 94.3 |
| 94.3 |
| 94.3 |
| 13,288,356 |
| 4 |
| 3 |
| 16 |
| ||
680 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest (1) |
| 133,000 |
| 1 |
| 74.6 |
| 74.6 |
| 88.5 |
| 88.5 |
| 88.5 |
| 4,083,912 |
|
|
| 0 |
| 7 |
| ||
750 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest (1) |
| 192,000 |
| 2 |
| 93.6 |
| 93.6 |
| 93.6 |
| 93.6 |
| 93.6 |
| 7,332,120 |
|
|
| 1 |
| 9 |
| ||
1055 Washington Boulevard |
| Stamford, Connecticut |
| Leasehold Interest |
| 182,000 |
| 2 |
| 86.0 |
| 78.7 |
| 79.7 |
| 81.0 |
| 84.5 |
| 5,680,620 |
| 2 |
| 1 |
| 21 |
| ||
1010 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest |
| 143,400 |
| 1 |
| 60.9 |
| 60.9 |
| 53.6 |
| 51.5 |
| 53.3 |
| 2,801,568 |
| 1 |
| 1 |
| 17 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total / Weighted Average Consolidated Properties |
| 2,785,500 |
| 28 | % | 79.5 | % | 79.5 | % | 81.1 | % | 81.1 | % | 80.7 | % | $ | 67,248,360 |
| 15 | % | 15 | % | 147 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Grand Total / Weighted Average |
| 2,785,500 |
| 28 | % | 79.5 | % | 79.5 | % | 81.1 | % | 81.1 | % | 80.7 | % | $ | 67,248,360 |
|
|
|
|
| 147 |
| |||||
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 61,654,504 |
|
|
| 15 | % |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Reckson Portfolio Grand Total |
| 9,986,900 |
| 100 | % | 91.4 | % | 90.4 | % | 91.1 | % | 91.6 | % | 91.4 | % | $ | 468,897,252 |
|
|
|
|
| 377 |
| |||||
Portfolio Grand Total - SLG Share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 421,157,620 |
| 100 | % | 100 | % |
|
| |||||
(1) SL Green holds a 51% interest in this consolidated joint venture asset.
Development Properties - Reckson Portfolio
|
|
|
|
|
|
|
| Useable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Gross Total |
| Total |
| ||||||||||
Properties |
| SubMarket |
| Ownership |
|
|
| Sq. Feet |
| Sq. Feet |
| Dec-12 |
| Sep-12 |
| Jun-12 |
| Mar-12 |
| Dec-11 |
| Cash Rent ($’s) |
| Book Value |
| Tenants |
| ||
“Non Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
635 Sixth Avenue |
| Midtown South |
| Fee Interest |
| 31 |
| 104,000 |
| 100 |
| — |
| — |
| — |
| — |
| — |
| — |
| 62,303,165 |
| — |
| ||
Total Development Properties |
|
|
|
|
| 31 |
| 104,000 |
| 100 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | $ | — |
| $ | 62,303,165 |
| — |
|
LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties |
|
|
|
|
|
|
|
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|
| ||||
|
|
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|
|
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|
|
|
| % of |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| % of |
| SLG Share of |
| SLG Share of |
| S&P |
| |||||
|
|
|
| Lease |
| Total |
| Annualized |
| PSF |
| Annualized |
| Annualized |
| Annualized |
| Credit |
| |||||
Tenant Name |
| Property |
| Expiration |
| Square Feet |
| Cash Rent ($) |
| Annualized |
| Cash Rent |
| Cash Rent($) |
| Cash Rent |
| Rating (2) |
| |||||
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|
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|
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|
|
|
|
| |||||
Citigroup, N.A. |
| 388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 750 Washington Blvd |
| Various |
| 3,023,423 |
| $ | 128,471,241 | (1) | $ | 42.49 |
| 9.2 | % | $ | 73,117,802 |
| 6.4 | % | A- |
| ||
Viacom International, Inc. |
| 1515 Broadway |
| 2031 |
| 1,271,881 |
| 79,693,150 |
| $ | 62.66 |
| 5.7 | % | 79,693,150 |
| 6.9 | % | BBB+ |
| ||||
Credit Suisse Securities (USA), Inc. |
| 1 Madison Avenue & 280 Park Avenue |
| 2014 & 2020 |
| 1,238,829 |
| 72,428,640 |
| $ | 58.47 |
| 5.2 | % | 69,028,072 |
| 6.0 | % | A+ |
| ||||
AIG Employee Services, Inc. |
| 180 Maiden Lane |
| 2014 |
| 803,222 |
| 41,687,758 |
| $ | 51.90 |
| 3.0 | % | 20,810,529 |
| 1.8 | % | A- |
| ||||
Random House, Inc. |
| 1745 Broadway |
| 2018 & 2023 |
| 644,598 |
| 35,307,399 |
| $ | 54.77 |
| 2.5 | % | 11,390,167 |
| 1.0 | % | BBB+ |
| ||||
Debevoise & Plimpton, LLP |
| 919 Third Avenue |
| 2021 |
| 619,353 |
| 41,220,651 |
| $ | 66.55 |
| 2.9 | % | 21,022,532 |
| 1.8 | % |
|
| ||||
Omnicom Group, Inc. |
| 220 East 42nd Street & 420 Lexington Avenue |
| 2017 |
| 494,476 |
| 20,144,028 |
| $ | 40.74 |
| 1.4 | % | 20,144,028 |
| 1.8 | % | BBB+ |
| ||||
The City of New York |
| 16 Court Street & 100 Church Street |
| 2014, 2017 & 2034 |
| 341,903 |
| 14,266,316 |
| $ | 41.73 |
| 1.0 | % | 13,301,605 |
| 1.2 | % |
|
| ||||
Advance Magazine Group, Fairchild Publications |
| 750 Third Avenue & 485 Lexington Avenue |
| 2021 |
| 339,195 |
| 15,074,714 |
| $ | 44.44 |
| 1.1 | % | 15,074,714 |
| 1.3 | % |
|
| ||||
Ralph Lauren Corporation |
| 625 Madison Avenue |
| 2019 |
| 330,486 |
| 21,981,728 |
| $ | 66.51 |
| 1.6 | % | 21,981,728 |
| 1.9 | % | A- |
| ||||
Harper Collins Publishers LLC |
| 1350 Avenue of the Americas & 10 East 53rd Street |
| 2014 & 2020 |
| 289,534 |
| 15,903,171 |
| $ | 54.93 |
| 1.1 | % | 10,300,257 |
| 0.9 | % |
|
| ||||
C.B.S. Broadcasting, Inc. |
| 555 West 57th Street |
| 2023 |
| 282,385 |
| 10,761,938 |
| $ | 38.11 |
| 0.8 | % | 10,761,938 |
| 0.9 | % | BBB |
| ||||
Schulte, Roth & Zabel LLP |
| 919 Third Avenue |
| 2021 |
| 263,186 |
| 16,106,771 |
| $ | 61.20 |
| 1.2 | % | 8,214,453 |
| 0.7 | % |
|
| ||||
The Metropolitan Transportation Authority |
| 333 West 34th Street & 420 Lexington Avenue |
| 2016 & 2021 |
| 242,663 |
| 8,791,937 |
| $ | 36.23 |
| 0.6 | % | 8,791,937 |
| 0.8 | % |
|
| ||||
New York Presbyterian Hospital |
| 673 First Avenue |
| 2021 |
| 232,772 |
| 10,939,486 |
| $ | 47.00 |
| 0.8 | % | 10,939,486 |
| 1.0 | % |
|
| ||||
HF Management Services LLC |
| 100 Church Street |
| 2032 |
| 230,394 |
| 6,960,343 |
| $ | 30.21 |
| 0.5 | % | 6,960,343 |
| 0.6 | % |
|
| ||||
BMW of Manhattan |
| 555 West 57th Street |
| 2022 |
| 227,782 |
| 5,864,233 |
| $ | 25.74 |
| 0.4 | % | 5,864,233 |
| 0.5 | % |
|
| ||||
Stroock, Stroock & Lavan LLP |
| 180 Maiden Lane |
| 2023 |
| 223,434 |
| 9,964,354 |
| $ | 44.60 |
| 0.7 | % | 4,974,205 |
| 0.4 | % |
|
| ||||
The Travelers Indemnity Company |
| 485 Lexington Avenue & 2 Jericho Plaza |
| 2015 & 2016 |
| 213,456 |
| 10,807,028 |
| $ | 50.63 |
| 0.8 | % | 9,736,297 |
| 0.8 | % | AA |
| ||||
The City University of New York - CUNY |
| 555 West 57th Street & 16 Court Street |
| 2013, 2015 & 2030 |
| 207,136 |
| 7,557,628 |
| $ | 36.49 |
| 0.5 | % | 7,043,472 |
| 0.6 | % |
|
| ||||
Verizon |
| 120 West 45th Street, 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive |
| Various |
| 204,076 |
| 5,759,747 |
| $ | 28.22 |
| 0.9 | % | 5,759,747 |
| 1.1 | % | A- |
| ||||
Amerada Hess Corp. |
| 1185 Avenue of the Americas |
| 2027 |
| 181,569 |
| 12,179,888 |
| $ | 67.08 |
| 0.9 | % | 12,179,888 |
| 1.1 | % | BBB |
| ||||
Fuji Color Processing Inc. |
| 200 Summit Lake Drive |
| 2019 |
| 165,880 |
| 5,253,198 |
| $ | 31.67 |
| 0.4 | % | 5,253,198 |
| 0.5 | % | AA- |
| ||||
United Nations |
| 220 East 42nd Street |
| 2014, 2017, 2021 & 2022 |
| 162,146 |
| 7,370,071 |
| $ | 45.45 |
| 0.5 | % | 7,370,071 |
| 0.6 | % |
|
| ||||
News America Incorporated |
| 1185 Avenue of the Americas |
| 2020 |
| 161,722 |
| 13,418,510 |
| $ | 82.97 |
| 1.0 | % | 13,418,510 |
| 1.2 | % | BBB+ |
| ||||
King & Spalding |
| 1185 Avenue of the Americas |
| 2025 |
| 159,943 |
| 9,802,426 |
| $ | 61.29 |
| 0.7 | % | 9,802,426 |
| 0.9 | % |
|
| ||||
New York Hospitals Center/Mount Sinai |
| 625 Madison Avenue & 673 First Avenue |
| 2016, 2021 & 2026 |
| 157,433 |
| 8,278,002 |
| $ | 52.58 |
| 0.6 | % | 8,278,002 |
| 0.7 | % |
|
| ||||
National Hockey League |
| 1185 Avenue of the Americas |
| 2022 |
| 148,217 |
| 12,230,301 |
| $ | 82.52 |
| 0.9 | % | 12,230,301 |
| 1.1 | % |
|
| ||||
D.E. Shaw and Company L.P. |
| 120 West 45th Street |
| 2013, 2015 & 2021 |
| 145,964 |
| 9,101,915 |
| $ | 62.36 |
| 0.7 | % | 9,101,915 |
| 0.8 | % |
|
| ||||
Banque National De Paris |
| 919 Third Avenue |
| 2016 |
| 145,834 |
| 9,346,836 |
| $ | 64.09 |
| 0.7 | % | 4,766,886 |
| 0.4 | % |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
|
|
|
|
| 13,152,892 |
| $ | 666,673,409 | (1) | $ | 50.69 |
| 48.1 | % | $ | 517,311,893 |
| 45.7 | % |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Grand Total |
|
|
|
|
| 29,685,079 |
| $ | 1,398,749,136 | (1) | $ | 47.12 |
|
|
| $ | 1,148,543,723 |
|
|
|
|
| ||
(1) - Reflects the net rent of $40.99 PSF for the 388-390 Greenwich Street lease. If this lease were included on a gross basis, Citigroup’s total PSF annualized rent would be $58.91.
Total PSF annualized rent for the largest tenants would be $54.46 and Total PSF annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $48.79.
TENANT DIVERSIFICATION Manhattan and Suburban Properties |
|
Based on SLG Share of Base Rental Revenue
Leasing Activity - Manhattan Operating Properties Available Space |
|
Activity |
| Building Address |
| # of Leases |
| Useable SF |
| Rentable SF |
| Escalated |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Vacancy at 9/30/12 |
|
|
|
|
| 1,530,500 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Add: Acquired Vacancies |
| 315 West 36th Street |
|
|
| 1,200 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Space which became available during the Quarter (2): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
| 10 East 53rd Street |
| 2 |
| 4,216 |
| 4,216 |
| $ | 59.68 |
|
|
| 51 East 42nd Street |
| 1 |
| 1,726 |
| 1,726 |
| $ | 56.39 |
|
|
| 100 Park Avenue |
| 1 |
| 9,834 |
| 10,654 |
| $ | 82.48 |
|
|
| 120 West 45th Street |
| 1 |
| 11,900 |
| 13,998 |
| $ | 67.00 |
|
|
| 125 Park Avenue |
| 1 |
| 4,297 |
| 4,297 |
| $ | 84.23 |
|
|
| 220 East 42nd Street |
| 1 |
| 3,082 |
| 3,082 |
| $ | 34.07 |
|
|
| 317 Madison Avenue |
| 1 |
| 1,725 |
| 1,933 |
| $ | 62.58 |
|
|
| 331 Madison Avenue |
| 1 |
| 2,800 |
| 3,770 |
| $ | 48.50 |
|
|
| 420 Lexington Avenue |
| 5 |
| 12,599 |
| 16,113 |
| $ | 62.25 |
|
|
| 461 Fifth Avenue |
| 2 |
| 17,111 |
| 17,528 |
| $ | 71.34 |
|
|
| 521 Fifth Avenue |
| 3 |
| 10,025 |
| 10,025 |
| $ | 42.78 |
|
|
| 600 Lexington Avenue |
| 2 |
| 24,974 |
| 23,230 |
| $ | 63.81 |
|
|
| 625 Madison Avenue |
| 1 |
| 13,200 |
| 13,200 |
| $ | 71.80 |
|
|
| 641 Sixth Avenue |
| 1 |
| 22,047 |
| 22,047 |
| $ | 46.13 |
|
|
| 673 First Avenue |
| 1 |
| 3,500 |
| 3,500 |
| $ | 39.36 |
|
|
| 711 Third Avenue |
| 1 |
| 3,864 |
| 4,139 |
| $ | 50.00 |
|
|
| 750 Third Avenue |
| 1 |
| 4,000 |
| 4,723 |
| $ | 57.59 |
|
|
| 800 Third Avenue |
| 1 |
| 8,268 |
| 10,760 |
| $ | 64.86 |
|
|
| 1350 Avenue of the Americas |
| 1 |
| 1,494 |
| 1,494 |
| $ | 46.28 |
|
|
| Total/Weighted Average |
| 28 |
| 160,662 |
| 170,435 |
| $ | 61.31 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail |
|
|
|
|
|
|
|
|
|
|
| |
|
| 317 Madison Avenue |
| 1 |
| 2,409 |
| 2,000 |
| $ | 136.00 |
|
|
| 331 Madison Avenue |
| 1 |
| 2,784 |
| 2,784 |
| $ | 151.08 |
|
|
| 625 Madison Avenue |
| 1 |
| 951 |
| 951 |
| $ | 187.49 |
|
|
| 919 Third Avenue |
| 1 |
| 8,000 |
| 8,000 |
| $ | 81.63 |
|
|
| Total/Weighted Average |
| 4 |
| 14,144 |
| 13,735 |
| $ | 110.95 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
| 125 Park Avenue |
| 1 |
| 593 |
| 593 |
| $ | 20.00 |
|
|
| 461 Fifth Avenue |
| 1 |
| 420 |
| 416 |
| $ | 30.00 |
|
|
| 485 Lexington Avenue |
| 1 |
| 22,425 |
| 22,425 |
| $ | 26.52 |
|
|
| Total/Weighted Average |
| 3 |
| 23,438 |
| 23,434 |
| $ | 26.42 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Space which became available during the Quarter |
|
|
|
|
|
|
|
|
| |
|
| Office |
| 28 |
| 160,662 |
| 170,435 |
| $ | 61.31 |
|
|
| Retail |
| 4 |
| 14,144 |
| 13,735 |
| $ | 110.95 |
|
|
| Storage |
| 3 |
| 23,438 |
| 23,434 |
| $ | 26.42 |
|
|
|
|
| 35 |
| 198,244 |
| 207,604 |
| $ | 60.66 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Available Space |
|
|
| 1,729,944 |
|
|
|
|
|
(1) | Escalated rent is calculated as total annual income less electric charges. |
(2) | Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover. |
Leasing Activity - Manhattan Operating Properties Leased Space |
|
Activity |
| Building Address |
| # of Leases |
| Term (Yrs) |
| Useable SF |
| Rentable SF |
| New Cash Rent / |
| Prev. Escalated |
| TI / Rentable SF |
| Free Rent # of |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space |
|
|
|
|
|
|
| 1,729,944 |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 10 East 53rd Street |
| 1 |
| 1.1 |
| 2,137 |
| 2,354 |
| $ | 90.00 |
| $ | 53.90 |
| $ | — |
| — |
|
|
| 110 East 42nd Street |
| 2 |
| 2.2 |
| 7,974 |
| 7,974 |
| $ | 47.29 |
| $ | 47.43 |
| $ | 20.75 |
| 0.7 |
|
|
| 120 West 45th Street |
| 1 |
| 5.2 |
| 2,987 |
| 3,084 |
| $ | 65.00 |
| $ | — |
| $ | 85.43 |
| 2.0 |
|
|
| 220 East 42nd Street |
| 1 |
| 1.0 |
| 3,082 |
| 3,082 |
| $ | 35.09 |
| $ | 34.07 |
| $ | — |
| — |
|
|
| 317 Madison Avenue |
| 3 |
| 2.3 |
| 6,428 |
| 7,102 |
| $ | 38.32 |
| $ | — |
| $ | 2.29 |
| — |
|
|
| 331 Madison Avenue |
| 1 |
| 3.0 |
| 2,800 |
| 3,770 |
| $ | 30.00 |
| $ | — |
| $ | — |
| 1.0 |
|
|
| 333 West 34th Street |
| 1 |
| 15.8 |
| 33,743 |
| 20,512 |
| $ | 63.00 |
| $ | — |
| $ | 87.75 |
| 5.0 |
|
|
| 420 Lexington Avenue |
| 14 |
| 5.4 |
| 36,074 |
| 48,748 |
| $ | 49.08 |
| $ | 58.33 |
| $ | 22.62 |
| 1.2 |
|
|
| 461 Fifth Avenue |
| 2 |
| 6.9 |
| 24,270 |
| 18,165 |
| $ | 67.87 |
| $ | 69.07 |
| $ | 40.19 |
| 4.9 |
|
|
| 485 Lexington Avenue |
| 1 |
| 7.3 |
| 8,212 |
| 8,599 |
| $ | 52.00 |
| $ | — |
| $ | 76.96 |
| 3.0 |
|
|
| 521 Fifth Avenue |
| 1 |
| 8.3 |
| 8,010 |
| 8,449 |
| $ | 61.50 |
| $ | 33.82 |
| $ | 64.60 |
| 5.0 |
|
|
| 600 Lexington Avenue |
| 1 |
| 7.3 |
| 8,875 |
| 8,875 |
| $ | 79.00 |
| $ | — |
| $ | 81.46 |
| 3.0 |
|
|
| 625 Madison Avenue |
| 2 |
| 7.8 |
| 17,200 |
| 17,200 |
| $ | 71.53 |
| $ | 69.63 |
| $ | 11.82 |
| 3.1 |
|
|
| 641 Sixth Avenue |
| 1 |
| 10.3 |
| 22,047 |
| 22,047 |
| $ | 65.00 |
| $ | 46.13 |
| $ | — |
| 4.0 |
|
|
| 673 First Avenue |
| 2 |
| 3.7 |
| 5,100 |
| 4,563 |
| $ | 46.24 |
| $ | 40.08 |
| $ | — |
| 1.4 |
|
|
| 711 Third Avenue |
| 1 |
| 3.0 |
| 3,864 |
| 4,139 |
| $ | 53.00 |
| $ | 50.00 |
| $ | 6.96 |
| 1.0 |
|
|
| 800 Third Avenue |
| 1 |
| 5.0 |
| 8,268 |
| 10,760 |
| $ | 39.31 |
| $ | 64.86 |
| $ | — |
| 1.0 |
|
|
| 810 Seventh Avenue |
| 1 |
| 5.3 |
| 10,500 |
| 5,298 |
| $ | 50.00 |
| $ | 49.24 |
| $ | 18.09 |
| 3.0 |
|
|
| 1185 Avenue of the Americas |
| 1 |
| 7.3 |
| 25,000 |
| 27,342 |
| $ | 54.00 |
| $ | 43.38 |
| $ | 28.64 |
| 4.0 |
|
|
| 1350 Avenue of the Americas |
| 3 |
| 10.3 |
| 13,645 |
| 17,037 |
| $ | 73.00 |
| $ | 70.24 |
| $ | 77.28 |
| 4.0 |
|
|
| Total/Weighted Average |
| 41 |
| 7.3 |
| 250,216 |
| 249,100 |
| $ | 57.69 |
| $ | 54.98 |
| $ | 33.87 |
| 2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 100 Park Avenue |
| 1 |
| 12.0 |
| 4,453 |
| 6,248 |
| $ | 60.00 |
| $ | — |
| $ | — |
| 6.0 |
|
|
| 317 Madison Avenue |
| 1 |
| 1.0 |
| 2,409 |
| 2,000 |
| $ | 160.00 |
| $ | — |
| $ | — |
| — |
|
|
| 485 Lexington Avenue |
| 1 |
| 15.0 |
| 22,425 |
| 22,812 |
| $ | 32.88 |
| $ | 26.07 |
| $ | — |
| — |
|
|
| 625 Madison Avenue |
| 1 |
| 0.5 |
| 951 |
| 951 |
| $ | 250.00 |
| $ | 187.49 |
| $ | — |
| — |
|
|
| 919 Third Avenue |
| 1 |
| 15.0 |
| 8,000 |
| 8,500 |
| $ | 76.47 |
| $ | 76.83 |
| $ | 0.88 |
| 6.0 |
|
|
| Total/Weighted Average |
| 5 |
| 13.5 |
| 38,238 |
| 40,511 |
| $ | 57.58 |
| $ | 44.20 |
| $ | 0.18 |
| 2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 125 Park Avenue |
| 1 |
| 3.8 |
| 593 |
| 593 |
| $ | 20.00 |
| $ | 20.00 |
| $ | — |
| — |
|
|
| 461 Fifth Avenue |
| 1 |
| 10.0 |
| 420 |
| 416 |
| $ | 30.00 |
| $ | 30.00 |
| $ | — |
| — |
|
|
| 673 First Avenue |
| 2 |
| 6.4 |
| 838 |
| 258 |
| $ | 24.07 |
| $ | — |
| $ | — |
| 2.4 |
|
|
| Total/Weighted Average |
| 4 |
| 6.4 |
| 1,851 |
| 1,267 |
| $ | 24.11 |
| $ | 24.12 |
| $ | — |
| 0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Office (3) |
| 41 |
| 7.3 |
| 250,216 |
| 249,100 |
| $ | 57.69 |
| $ | 54.98 |
| $ | 33.87 |
| 2.9 |
|
|
| Retail |
| 5 |
| 13.5 |
| 38,238 |
| 40,511 |
| $ | 57.58 |
| $ | 44.20 |
| $ | 0.18 |
| 2.2 |
|
|
| Storage |
| 4 |
| 6.4 |
| 1,851 |
| 1,267 |
| $ | 24.11 |
| $ | 24.12 |
| $ | — |
| 0.5 |
|
|
| Total |
| 50 |
| 8.2 |
| 290,305 |
| 290,878 |
| $ | 57.53 |
| $ | 53.07 |
| $ | 29.03 |
| 2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space as of 12/31/12 |
|
|
|
|
| 1,439,639 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 51 East 42nd Street |
| 3 |
| 3.9 |
| 1,358 |
| 1,532 |
| $ | 41.70 |
| $ | 39.87 |
| $ | — |
| — |
|
|
| 110 East 42nd Street |
| 1 |
| 2.0 |
| 1,519 |
| 1,519 |
| $ | 40.00 |
| $ | 37.54 |
| $ | — |
| — |
|
|
| 220 East 42nd Street |
| 1 |
| 10.3 |
| 14,871 |
| 16,375 |
| $ | 52.00 |
| $ | 67.34 |
| $ | 57.45 |
| 3.0 |
|
|
| 420 Lexington Avenue |
| 4 |
| 3.6 |
| 10,769 |
| 12,921 |
| $ | 45.94 |
| $ | 59.29 |
| $ | 16.00 |
| 1.2 |
|
|
| 521 Fifth Avenue |
| 1 |
| 5.4 |
| 5,750 |
| 6,351 |
| $ | 51.60 |
| $ | 41.60 |
| $ | 10.00 |
| — |
|
|
| 673 First Avenue |
| 1 |
| 7.0 |
| 572 |
| 572 |
| $ | 50.00 |
| $ | 45.99 |
| $ | — |
| — |
|
|
| 1350 Avenue of the Americas |
| 1 |
| 1.0 |
| 1,738 |
| 1,738 |
| $ | 75.00 |
| $ | 62.15 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 12 |
| 6.4 |
| 36,577 |
| 41,008 |
| $ | 50.15 |
| $ | 58.17 |
| $ | 29.53 |
| 1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 100 Park Avenue |
| 1 |
| 5.0 |
| 133 |
| 152 |
| $ | 185.53 |
| $ | 148.17 |
| $ | — |
| — |
|
|
| 625 Madison Avenue |
| 1 |
| 12.0 |
| 1,463 |
| 1,475 |
| $ | 1,050.00 |
| $ | 477.73 |
| $ | — |
| 2.0 |
|
|
| 711 Third Avenue |
| 1 |
| 10.0 |
| 40,401 |
| 44,646 |
| $ | 23.97 |
| $ | 30.73 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 3 |
| 10.0 |
| 41,997 |
| 46,273 |
| $ | 57.21 |
| $ | 45.36 |
| $ | — |
| 0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 220 East 42nd Street |
| 1 |
| 10.3 |
| 630 |
| 646 |
| $ | 28.00 |
| 26.82 |
| $ | — |
| 3.0 |
| |
|
| Total/Weighted Average |
| 1 |
| 10.3 |
| 630 |
| 646 |
| $ | 28.00 |
| $ | 26.82 |
| $ | — |
| 3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Early Renewals Office |
| 12 |
| 6.4 |
| 36,577 |
| 41,008 |
| $ | 50.15 |
| $ | 58.17 |
| $ | 29.53 |
| 1.6 |
|
|
| Early Renewals Retail |
| 3 |
| 10.0 |
| 41,997 |
| 46,273 |
| $ | 57.21 |
| $ | 45.36 |
| $ | — |
| 0.1 |
|
|
| Early Renewals Storage |
| 1 |
| 10.3 |
| 630 |
| 646 |
| $ | 28.00 |
| $ | 26.82 |
| $ | — |
| 3.0 |
|
|
| Total |
| 16 |
| 8.4 |
| 79,204 |
| 87,927 |
| $ | 53.70 |
| $ | 51.20 |
| $ | 13.77 |
| 0.8 |
|
(1) | Annual initial base rent. |
(2) | Escalated rent is calculated as total annual income less electric charges. |
(3) | Average starting office rent excluding new tenants replacing vacancies is $58.65/rsf for 165,281 rentable SF. |
| Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $56.96/rsf for 206,289 rentable SF. |
Leasing Activity - Suburban Operating Properties | |
| |
| |
Available Space |
Activity |
| Building Address |
| # of Leases |
| Useable SF |
| Rentable SF |
| Escalated |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Vacancy at 9/30/12 |
|
|
|
|
| 1,096,115 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Space which became available during the Quarter (2): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
| 1100 King Street - 2 Int’l Drive |
| 1 |
| 22,798 |
| 22,798 |
| $ | 28.56 |
|
|
| 1100 King Street - 5 Int’l Drive |
| 1 |
| 2,225 |
| 2,225 |
| $ | 30.61 |
|
|
| 1100 King Street - 6 Int’l Drive |
| 2 |
| 10,817 |
| 10,817 |
| $ | 32.84 |
|
|
| 1 Landmark Square |
| 1 |
| 1,000 |
| 1,000 |
| $ | 40.75 |
|
|
| 3 Landmark Square |
| 2 |
| 29,304 |
| 29,304 |
| $ | 31.00 |
|
|
| 6 Landmark Square |
| 1 |
| 6,339 |
| 5,700 |
| $ | 34.11 |
|
|
| 1055 Washington Boulevard |
| 1 |
| 2,465 |
| 2,465 |
| $ | 29.00 |
|
|
| The Meadows |
| 2 |
| 18,391 |
| 18,391 |
| $ | 50.54 |
|
|
| Jericho Plaza |
| 1 |
| 11,205 |
| 11,205 |
| $ | 36.72 |
|
|
| 16 Court Street |
| 1 |
| 525 |
| 525 |
| $ | 57.73 |
|
|
| Total/Weighted Average |
| 13 |
| 111,843 |
| 111,204 |
| $ | 33.76 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail |
|
|
|
|
|
|
|
|
|
|
| |
|
| 16 Court Street |
| 1 |
| 700 |
| 700 |
| $ | 161.21 |
|
|
| Total/Weighted Average |
| 1 |
| 700 |
| 700 |
| $ | 161.21 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
| Jericho Plaza |
| 1 |
| 205 |
| 205 |
| $ | 12.75 |
|
|
| Total/Weighted Average |
| 1 |
| 205 |
| 205 |
| $ | 12.75 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Space which became available during the Quarter |
|
|
|
|
|
|
| |||
|
| Office |
| 13 |
| 111,843 |
| 111,204 |
| $ | 33.76 |
|
|
| Retail |
| 1 |
| 700 |
| 700 |
| $ | 161.21 |
|
|
| Storage |
| 1 |
| 205 |
| 205 |
| $ | 12.75 |
|
|
|
|
| 15 |
| 112,748 |
| 112,109 |
| $ | 34.52 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Available Space |
|
|
| 1,208,863 |
|
|
|
|
|
(1) Escalated rent is calculated as total annual income less electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Leasing Activity - Suburban Operating Properties
Leased Space |
Activity |
| Building Address |
| # of Leases |
| Term (Yrs) |
| Useable SF |
| Rentable SF |
| New Cash Rent / |
| Prev. Escalated |
| TI / Rentable SF |
| Free Rent # of |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space |
|
|
|
|
|
|
| 1,208,863 |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 1100 King Street - 2 Int’l Drive |
| 1 |
| 10.9 |
| 22,798 |
| 22,798 |
| $ | 24.50 |
| $ | 28.56 |
| $ | 7.00 |
| 11.0 |
|
|
| 1100 King Street - 5 Int’l Drive |
| 2 |
| 5.1 |
| 2,736 |
| 2,736 |
| $ | 23.77 |
| $ | — |
| $ | 34.66 |
| 6.9 |
|
|
| 1100 King Street - 6 Int’l Drive |
| 1 |
| 7.7 |
| 4,450 |
| 4,450 |
| $ | 23.00 |
| $ | — |
| $ | 35.87 |
| 8.0 |
|
|
| 1 Landmark Square |
| 4 |
| 4.3 |
| 13,278 |
| 13,170 |
| $ | 36.67 |
| $ | 28.56 |
| $ | 34.31 |
| 1.7 |
|
|
| 2 Landmark Square |
| 1 |
| 5.3 |
| 1,104 |
| 1,104 |
| $ | 29.00 |
| $ | — |
| $ | 23.61 |
| 4.0 |
|
|
| 3 Landmark Square |
| 2 |
| 0.6 |
| 29,304 |
| 29,304 |
| $ | 33.00 |
| $ | 31.00 |
| $ | — |
| — |
|
|
| 4 Landmark Square |
| 1 |
| 10.6 |
| 4,158 |
| 4,158 |
| $ | 29.00 |
| $ | — |
| $ | 61.54 |
| 12.0 |
|
|
| 1055 Washington Boulevard |
| 5 |
| 6.4 |
| 15,707 |
| 15,707 |
| $ | 32.96 |
| $ | 34.20 |
| $ | 22.90 |
| 4.2 |
|
|
| The Meadows |
| 1 |
| 6.8 |
| 3,629 |
| 3,629 |
| $ | 24.50 |
| $ | — |
| $ | 12.00 |
| 3.0 |
|
|
| Jericho Plaza |
| 1 |
| 5.3 |
| 1,629 |
| 1,629 |
| $ | 33.50 |
| $ | — |
| $ | 45.00 |
| 2.0 |
|
|
| 16 Court Street |
| 1 |
| 0.3 |
| 1,723 |
| 1,723 |
| $ | 28.74 |
| $ | 28.18 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 20 |
| 5.5 |
| 100,516 |
| 100,408 |
| $ | 30.27 |
| $ | 30.16 |
| $ | 16.18 |
| 4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 16 Court Street |
| 1 |
| 5.0 |
| 700 |
| 700 |
| $ | 168.57 |
| $ | 161.21 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 1 |
| 5.0 |
| 700 |
| 700 |
| $ | 168.57 |
| $ | 161.21 |
| $ | — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 1055 Washington Boulevard |
| 1 |
| 3.8 |
| 90 |
| 95 |
| $ | 15.00 |
| $ | — |
| $ | — |
| — |
|
|
| The Meadows |
| 1 |
| 3.1 |
| 600 |
| 600 |
| $ | 18.00 |
| $ | — |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 2 |
| 3.2 |
| 690 |
| 695 |
| $ | 17.59 |
| $ | — |
| $ | — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Office (3) |
| 20 |
| 5.5 |
| 100,516 |
| 100,408 |
| $ | 30.27 |
| $ | 30.16 |
| $ | 16.18 |
| 4.6 |
|
|
| Retail |
| 1 |
| 5.0 |
| 700 |
| 700 |
| $ | 168.57 |
| $ | 161.21 |
| $ | — |
| — |
|
|
| Storage |
| 2 |
| 3.2 |
| 690 |
| 695 |
| $ | 17.59 |
| $ | — |
| $ | — |
| — |
|
|
| Total |
| 23 |
| 5.5 |
| 101,906 |
| 101,803 |
| $ | 31.13 |
| $ | 31.50 |
| $ | 15.96 |
| 4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space as of 12/31/12 |
|
|
|
|
| 1,106,957 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 140 Grand Street |
| 1 |
| 10.0 |
| 7,335 |
| 7,335 |
| $ | 27.25 |
| $ | 35.11 |
| $ | 8.00 |
| 12.0 |
|
|
| 1 Landmark Square |
| 1 |
| 4.0 |
| 2,479 |
| 2,479 |
| $ | 36.00 |
| $ | 42.50 |
| $ | 12.45 |
| 2.0 |
|
|
| 6 Landmark Square |
| 1 |
| 10.4 |
| 21,840 |
| 17,000 |
| $ | 25.50 |
| $ | 31.24 |
| $ | 25.75 |
| 5.0 |
|
|
| 750 Washington Boulevard |
| 1 |
| 2.8 |
| 3,337 |
| 3,337 |
| $ | 44.50 |
| $ | 52.65 |
| $ | — |
| 4.0 |
|
|
| 1055 Washington Boulevard |
| 1 |
| 1.2 |
| 2,779 |
| 2,779 |
| $ | 36.00 |
| $ | 33.48 |
| $ | — |
| — |
|
|
| 16 Court Street |
| 3 |
| 8.0 |
| 6,395 |
| 7,465 |
| $ | 35.79 |
| $ | 38.50 |
| $ | 17.51 |
| 1.6 |
|
|
| Total/Weighted Average |
| 8 |
| 8.2 |
| 44,165 |
| 40,395 |
| $ | 30.65 |
| $ | 35.90 |
| $ | 16.29 |
| 5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Early Renewals Office |
| 8 |
| 8.2 |
| 44,165 |
| 40,395 |
| $ | 30.65 |
| $ | 35.90 |
| $ | 16.29 |
| 5.0 |
|
|
| Total |
| 8 |
| 8.2 |
| 44,165 |
| 40,395 |
| $ | 30.65 |
| $ | 35.90 |
| $ | 16.29 |
| 5.0 |
|
(1) | Annual initial base rent. |
(2) | Escalated Rent is calculated as total annual income less electric charges. |
(3) | Average starting office rent excluding new tenants replacing vacancies is $29.68/rsf for 67,863 rentable SF. |
| Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $30.04/rsf for 108,258 rentable SF. |
ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties
|
|
| Consolidated Properties |
| Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease Expiration |
| Number of |
| Rentable |
| Percentage |
| Annualized |
| Annualized Cash |
| Current |
| Number of |
| Rentable |
| Percentage |
| Annualized |
| Annualized Cash |
| Current |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2012 (1) |
| 4 |
| 20,285 |
| 0.12 | % | $ | 1,070,172 |
| $ | 52.76 |
| $ | 63.26 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||
In 2nd Quarter 2012 (1) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
In 3rd Quarter 2012 (1) |
| 1 |
| 400 |
| 0.00 | % | $ | 8,328 |
| $ | 20.82 |
| $ | 25.00 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||
In 4th Quarter 2012 (1) |
| 7 |
| 52,853 |
| 0.30 | % | $ | 3,058,284 |
| $ | 57.86 |
| $ | 68.02 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2012 |
| 12 |
| 73,538 |
| 0.42 | % | $ | 4,136,784 |
| $ | 56.25 |
| $ | 66.47 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1st Quarter 2013 |
| 23 |
| 177,045 |
| 1.00 | % | $ | 10,987,819 |
| $ | 62.06 |
| $ | 61.13 |
| 4 |
| 15,770 |
| 0.28 | % | $ | 850,932 |
| $ | 53.96 |
| $ | 57.18 |
|
2nd Quarter 2013 |
| 37 |
| 295,076 |
| 1.67 | % | $ | 20,177,565 |
| $ | 68.38 |
| $ | 73.41 |
| 1 |
| 6,580 |
| 0.12 | % | $ | 532,560 |
| $ | 80.94 |
| $ | 55.00 |
|
3rd Quarter 2013 |
| 40 |
| 174,836 |
| 0.99 | % | $ | 10,474,554 |
| $ | 59.91 |
| $ | 68.35 |
| 4 |
| 15,547 |
| 0.27 | % | $ | 746,388 |
| $ | 48.01 |
| $ | 54.81 |
|
4th Quarter 2013 |
| 33 |
| 320,547 |
| 1.82 | % | $ | 19,163,813 |
| $ | 59.78 |
| $ | 66.24 |
| 3 |
| 47,647 |
| 0.84 | % | $ | 2,358,972 |
| $ | 49.51 |
| $ | 69.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2013 |
| 133 |
| 967,504 |
| 5.49 | % | $ | 60,803,751 |
| $ | 62.85 |
| $ | 67.87 |
| 12 |
| 85,544 |
| 1.51 | % | $ | 4,488,852 |
| $ | 52.47 |
| $ | 63.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2014 |
| 122 |
| 1,725,995 |
| 9.79 | % | $ | 95,047,120 |
| $ | 55.07 |
| $ | 63.70 |
| 27 |
| 439,838 |
| 7.74 | % | $ | 22,881,600 |
| $ | 52.02 |
| $ | 64.60 |
|
2015 |
| 133 |
| 802,686 |
| 4.55 | % | $ | 40,648,976 |
| $ | 50.64 |
| $ | 55.86 |
| 84 |
| 225,839 |
| 3.98 | % | $ | 12,396,288 |
| $ | 54.89 |
| $ | 62.42 |
|
2016 |
| 89 |
| 1,198,931 |
| 6.80 | % | $ | 67,584,297 |
| $ | 56.37 |
| $ | 69.03 |
| 21 |
| 192,438 |
| 3.39 | % | $ | 10,683,420 |
| $ | 55.52 |
| $ | 65.02 |
|
2017 |
| 110 |
| 1,847,086 |
| 10.48 | % | $ | 101,676,686 |
| $ | 55.05 |
| $ | 58.89 |
| 14 |
| 171,220 |
| 3.01 | % | $ | 10,476,432 |
| $ | 61.19 |
| $ | 62.30 |
|
2018 |
| 36 |
| 651,362 |
| 3.70 | % | $ | 48,309,139 |
| $ | 74.17 |
| $ | 74.68 |
| 21 |
| 473,771 |
| 8.34 | % | $ | 29,029,765 |
| $ | 61.27 |
| $ | 60.04 |
|
2019 |
| 25 |
| 741,129 |
| 4.20 | % | $ | 44,891,190 |
| $ | 60.57 |
| $ | 61.77 |
| 5 |
| 144,238 |
| 2.54 | % | $ | 10,100,352 |
| $ | 70.03 |
| $ | 70.65 |
|
2020 |
| 39 |
| 2,235,931 |
| 12.69 | % | $ | 129,560,220 |
| $ | 57.94 |
| $ | 66.29 |
| 11 |
| 235,433 |
| 4.14 | % | $ | 11,404,693 |
| $ | 48.44 |
| $ | 62.60 |
|
2021 |
| 42 |
| 2,225,315 |
| 12.63 | % | $ | 116,256,979 |
| $ | 52.24 |
| $ | 56.53 |
| 7 |
| 127,019 |
| 2.24 | % | $ | 5,786,256 |
| $ | 45.55 |
| $ | 60.23 |
|
Thereafter |
| 87 |
| 5,156,222 |
| 29.25 | % | $ | 273,878,018 |
| $ | 53.12 |
| $ | 64.47 |
| 26 |
| 949,965 |
| 16.72 | % | $ | 57,208,042 |
| $ | 60.22 |
| $ | 64.47 |
|
|
| 828 |
| 17,625,699 |
| 100.00 | % | $ | 982,793,160 |
| $ | 55.76 |
| $ | 63.41 |
| 228 |
| 3,045,305 |
| 53.61 | % | $ | 174,455,700 |
| $ | 57.29 |
| $ | 63.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| (4) | 2 |
| 2,634,670 |
| 46.39 | % | $ | 107,986,128 |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| 230 |
| 5,679,975 |
| 100.00 | % | $ | 282,441,828 |
|
|
|
|
|
(1) Includes month to month holdover tenants that expired prior to 12/31/12.
(2) Tenants may have multiple leases.
(3) Represents in place annualized rent allocated by year of maturity.
(4) Citigroup’s net lease at 388-390 Greenwich Street which expires in 2020, current net rent is $40.99/psf with annual CPI escalation.
(5) Management’s estimate of average asking rents for currently occupied space as of December 31, 2012. Taking rents are typically lower than asking rents and may vary from property to property.
ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties
|
|
| Consolidated Properties |
| Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease Expiration |
| Number of |
| Rentable |
| Percentage |
| Annualized |
| Annualized Cash |
| Current |
| Number of |
| Rentable |
| Percentage |
| Annualized |
| Annualized Cash |
| Current |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2012 (1) |
| 17 |
| 83,770 |
| 2.88 | % | $ | 1,042,188 |
| $ | 12.44 |
| $ | 13.10 |
| 8 |
| 61,630 |
| 4.94 | % | $ | 1,921,380 |
| $ | 31.18 |
| $ | 31.73 |
|
In 2nd Quarter 2012 (1) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
In 3rd Quarter 2012 (1) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
In 4th Quarter 2012 (1) |
| 1 |
| 15,418 |
| 0.53 | % | $ | 587,592 |
| $ | 38.11 |
| $ | 37.00 |
| 3 |
| 38,898 |
| 3.12 | % | $ | 1,087,980 |
| $ | 27.97 |
| $ | 26.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2012 |
| 18 |
| 99,188 |
| 3.41 | % | $ | 1,629,780 |
| $ | 16.43 |
| $ | 16.82 |
| 11 |
| 100,528 |
| 8.05 | % | $ | 3,009,360 |
| $ | 29.94 |
| $ | 29.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1st Quarter 2013 |
| 9 |
| 58,576 |
| 2.02 | % | $ | 1,890,900 |
| $ | 32.28 |
| $ | 35.44 |
| 3 |
| 3,615 |
| 0.29 | % | $ | 300,936 |
| $ | 83.25 |
| $ | 79.03 |
|
2nd Quarter 2013 |
| 12 |
| 48,871 |
| 1.68 | % | $ | 1,766,268 |
| $ | 36.14 |
| $ | 32.73 |
| 8 |
| 41,938 |
| 3.36 | % | $ | 1,225,068 |
| $ | 29.21 |
| $ | 27.28 |
|
3rd Quarter 2013 |
| 12 |
| 52,627 |
| 1.81 | % | $ | 1,899,396 |
| $ | 36.09 |
| $ | 33.85 |
| 4 |
| 53,316 |
| 4.27 | % | $ | 1,638,288 |
| $ | 30.73 |
| $ | 32.60 |
|
4th Quarter 2013 |
| 5 |
| 40,502 |
| 1.39 | % | $ | 1,460,268 |
| $ | 36.05 |
| $ | 40.48 |
| 5 |
| 14,526 |
| 1.16 | % | $ | 467,736 |
| $ | 32.20 |
| $ | 27.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2013 |
| 38 |
| 200,576 |
| 6.90 | % | $ | 7,016,832 |
| $ | 34.98 |
| $ | 35.38 |
| 20 |
| 113,395 |
| 9.08 | % | $ | 3,632,028 |
| $ | 32.03 |
| $ | 31.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2014 |
| 36 |
| 220,641 |
| 7.59 | % | $ | 7,740,864 |
| $ | 35.08 |
| $ | 31.92 |
| 32 |
| 291,251 |
| 23.33 | % | $ | 10,318,416 |
| $ | 35.43 |
| $ | 32.35 |
|
2015 |
| 43 |
| 303,013 |
| 10.43 | % | $ | 10,395,732 |
| $ | 34.31 |
| $ | 32.60 |
| 24 |
| 159,070 |
| 12.74 | % | $ | 4,903,008 |
| $ | 30.82 |
| $ | 32.28 |
|
2016 |
| 49 |
| 686,280 |
| 23.62 | % | $ | 21,786,774 |
| $ | 31.75 |
| $ | 33.20 |
| 13 |
| 80,043 |
| 6.41 | % | $ | 3,129,612 |
| $ | 39.10 |
| $ | 29.48 |
|
2017 |
| 27 |
| 130,555 |
| 4.49 | % | $ | 4,290,744 |
| $ | 32.87 |
| $ | 34.30 |
| 17 |
| 124,946 |
| 10.01 | % | $ | 4,691,748 |
| $ | 37.55 |
| $ | 37.51 |
|
2018 |
| 23 |
| 169,792 |
| 5.84 | % | $ | 6,199,776 |
| $ | 36.51 |
| $ | 36.24 |
| 8 |
| 89,553 |
| 7.17 | % | $ | 3,152,124 |
| $ | 35.20 |
| $ | 33.11 |
|
2019 |
| 17 |
| 498,180 |
| 17.15 | % | $ | 13,760,748 |
| $ | 27.62 |
| $ | 28.10 |
| 6 |
| 52,455 |
| 4.20 | % | $ | 1,733,184 |
| $ | 33.04 |
| $ | 32.50 |
|
2020 |
| 13 |
| 240,732 |
| 8.29 | % | $ | 7,439,448 |
| $ | 30.90 |
| $ | 33.18 |
| 7 |
| 48,459 |
| 3.88 | % | $ | 1,668,060 |
| $ | 34.42 |
| $ | 34.79 |
|
2021 |
| 9 |
| 144,861 |
| 4.99 | % | $ | 3,535,596 |
| $ | 24.41 |
| $ | 27.00 |
| 5 |
| 82,241 |
| 6.59 | % | $ | 2,817,000 |
| $ | 34.25 |
| $ | 35.32 |
|
Thereafter |
| 18 |
| 211,683 |
| 7.29 | % | $ | 7,240,410 |
| $ | 34.20 |
| $ | 35.02 |
| 8 |
| 106,465 |
| 8.53 | % | $ | 3,422,904 |
| $ | 32.15 |
| $ | 27.71 |
|
|
| 291 |
| 2,905,501 |
| 100.00 | % | $ | 91,036,704 |
| $ | 31.33 |
| $ | 31.80 |
| 151 |
| 1,248,406 |
| 100.00 | % | $ | 42,477,444 |
| $ | 34.03 |
| $ | 32.32 |
|
(1) Includes month to month holdover tenants that expired prior to 12/31/12.
(2) Tenants may have multiple leases.
(3) Represents in place annualized rent allocated by year of maturity.
(4) Management’s estimate of average asking rents for currently occupied space as of December 31, 2012. Taking rents are typically lower than asking rents and may vary from property to property.
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan
|
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition |
| |||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable SF |
| at acquisition |
| 12/31/2012 |
| Price ($’s) (1) |
| |
1998 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-98 |
| 420 Lexington Avenue |
| Operating Sublease |
| Grand Central |
| 1,188,000 |
| 83.0 |
| 92.5 |
| $ | 78,000,000 |
|
May-98 |
| 711 3rd Avenue |
| Operating Sublease |
| Grand Central |
| 524,000 |
| 79.0 |
| 86.3 |
| $ | 65,600,000 |
|
Jun-98 |
| 440 9th Avenue |
| Fee Interest |
| Penn Station |
| 339,000 |
| 76.0 |
| N/A |
| $ | 32,000,000 |
|
|
|
|
|
|
|
|
| 2,051,000 |
|
|
|
|
| $ | 175,600,000 |
|
1999 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-99 |
| 420 Lexington Leasehold |
| Sub-leasehold |
| Grand Central |
| — |
| — |
| — |
| $ | 27,300,000 |
|
Jan-99 |
| 555 West 57th Street - 65% JV |
| Fee Interest |
| Midtown West |
| 941,000 |
| 100.0 |
| 99.2 |
| $ | 66,700,000 |
|
Aug-99 |
| 1250 Broadway - 50% JV |
| Fee Interest |
| Penn Station |
| 670,000 |
| 96.5 |
| N/A |
| $ | 93,000,000 |
|
Nov-99 |
| 555 West 57th Street - remaining 35% |
| Fee Interest |
| Midtown West |
| — |
|
|
| 99.2 |
| $ | 34,100,000 |
|
|
|
|
|
|
|
|
| 1,611,000 |
|
|
|
|
| $ | 221,100,000 |
|
2000 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-00 |
| 100 Park Avenue - 50% JV |
| Fee Interest |
| Grand Central |
| 834,000 |
| 96.5 |
| 94.5 |
| $ | 192,000,000 |
|
|
|
|
|
|
|
|
| 834,000 |
|
|
|
|
| $ | 192,000,000 |
|
2001 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jun-01 |
| 317 Madison Avenue |
| Fee Interest |
| Grand Central |
| 450,000 |
| 95.0 |
| 81.3 |
| $ | 105,600,000 |
|
Acquisition of JV Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Sep-01 |
| 1250 Broadway - 49.9% JV (2) |
| Fee Interest |
| Penn Station |
| 670,000 |
| 97.7 |
| N/A |
| $ | 126,500,000 |
|
|
|
|
|
|
|
|
| 1,120,000 |
|
|
|
|
| $ | 232,100,000 |
|
2002 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
May-02 |
| 1515 Broadway - 55% JV |
| Fee Interest |
| Times Square |
| 1,750,000 |
| 98.0 |
| 100.0 |
| $ | 483,500,000 |
|
|
|
|
|
|
|
|
| 1,750,000 |
|
|
|
|
| $ | 483,500,000 |
|
2003 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-03 |
| 220 East 42nd Street |
| Fee Interest |
| Grand Central |
| 1,135,000 |
| 91.9 |
| 94.9 |
| $ | 265,000,000 |
|
Mar-03 |
| 125 Broad Street |
| Fee Interest |
| Downtown |
| 525,000 |
| 100.0 |
| N/A |
| $ | 92,000,000 |
|
Oct-03 |
| 461 Fifth Avenue |
| Leasehold Interest |
| Midtown |
| 200,000 |
| 93.9 |
| 99.4 |
| $ | 60,900,000 |
|
Dec-03 |
| 1221 Avenue of the Americas - 45% JV |
| Fee Interest |
| Rockefeller Center |
| 2,550,000 |
| 98.8 |
| N/A |
| $ | 1,000,000,000 |
|
|
|
|
|
|
|
|
| 4,410,000 |
|
|
|
|
| $ | 1,417,900,000 |
|
2004 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-04 |
| 19 West 44th Street - 35% JV |
| Fee Interest |
| Midtown |
| 292,000 |
| 86.0 |
| N/A |
| $ | 67,000,000 |
|
Jul-04 |
| 750 Third Avenue |
| Fee Interest |
| Grand Central |
| 779,000 |
| 100.0 |
| 97.5 |
| $ | 255,000,000 |
|
Jul-04 |
| 485 Lexington Avenue - 30% JV |
| Fee Interest |
| Grand Central |
| 921,000 |
| 100.0 |
| 100.0 |
| $ | 225,000,000 |
|
Oct-04 |
| 625 Madison Avenue |
| Leasehold Interest |
| Plaza District |
| 563,000 |
| 68.0 |
| 94.5 |
| $ | 231,500,000 |
|
|
|
|
|
|
|
|
| 2,555,000 |
|
|
|
|
| $ | 778,500,000 |
|
2005 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-05 |
| 28 West 44th Street |
| Fee Interest |
| Midtown |
| 359,000 |
| 87.0 |
| N/A |
| $ | 105,000,000 |
|
Apr-05 |
| 1 Madison Avenue - 55% JV |
| Fee Interest |
| Park Avenue South |
| 1,177,000 |
| 96.0 |
| 98.7 |
| $ | 803,000,000 |
|
Apr-05 |
| 5 Madison Avenue Clock Tower |
| Fee Interest |
| Park Avenue South |
| 267,000 |
| N/A |
| N/A |
| $ | 115,000,000 |
|
Jun-05 |
| 19 West 44th Street - remaining 65% |
| Fee Interest |
| Midtown |
| — |
|
|
| N/A |
| $ | 91,200,000 |
|
|
|
|
|
|
|
|
| 1,803,000 |
|
|
|
|
| $ | 1,114,200,000 |
|
2006 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-06 |
| 521 Fifth Avenue |
| Leasehold Interest |
| Midtown |
| 460,000 |
| 97.0 |
| 85.2 |
| $ | 210,000,000 |
|
Jun-06 |
| 609 Fifth Avenue |
| Fee Interest |
| Midtown |
| 160,000 |
| 98.5 |
| 85.2 |
| $ | 182,000,000 |
|
Dec-06 |
| 485 Lexington Avenue - remaining 70% |
| Fee Interest |
| Grand Central |
| — |
|
|
| 100.0 |
| $ | 578,000,000 |
|
Dec-06 |
| 800 Third Avenue - 42.95% JV |
| Fee Interest |
| Grand Central North |
| 526,000 |
| 96.9 |
| 87.1 |
| $ | 285,000,000 |
|
|
|
|
|
|
|
|
| 1,273,400 |
|
|
|
|
| $ | 1,520,000,000 |
|
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-07 |
| Reckson - NYC Portfolio |
| Fee Interests / Leasehold Interest |
| Various |
| 5,612,000 |
| 98.3 |
| 93.7 |
| $ | 3,679,530,000 |
|
Apr-07 |
| 331 Madison Avenue |
| Fee Interest |
| Grand Central |
| 114,900 |
| 97.6 |
| 84.2 |
| $ | 73,000,000 |
|
Apr-07 |
| 1745 Broadway - 32.3% JV |
| Fee Interest |
| Midtown |
| 674,000 |
| 100.0 |
| 100.0 |
| $ | 520,000,000 |
|
Jun-07 |
| 333 West 34th Street |
| Fee Interest |
| Penn Station |
| 345,400 |
| 100.0 |
| 100.0 |
| $ | 183,000,000 |
|
Aug-07 |
| 1 Madison Avenue - remaining 45% |
| Fee Interest |
| Park Avenue South |
| 1,177,000 |
| 99.8 |
| 98.7 |
| $ | 1,000,000,000 |
|
Dec-07 |
| 388 & 390 Greenwich Street - 50.6% JV |
| Fee Interest |
| Downtown |
| 2,635,000 |
| 100.0 |
| 100.0 |
| $ | 1,575,000,000 |
|
|
|
|
|
|
|
|
| 10,558,300 |
|
|
|
|
| $ | 7,030,530,000 |
|
2010 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-10 |
| 100 Church Street |
| Fee Interest |
| Downtown |
| 1,047,500 |
| 41.3 |
| 81.8 |
| $ | 181,600,000 |
|
May-10 |
| 600 Lexington Avenue - 55% JV |
| Fee Interest |
| East Side |
| 303,515 |
| 93.6 |
| 73.7 |
| $ | 193,000,000 |
|
Aug-10 |
| 125 Park Avenue |
| Fee Interest |
| Grand Central |
| 604,245 |
| 99.1 |
| 73.1 |
| $ | 330,000,000 |
|
|
|
|
|
|
|
|
| 1,955,260 |
|
|
|
|
| $ | 704,600,000 |
|
2011 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-11 |
| 521 Fifth Avenue - remaining 49.9% |
| Leasehold Interest |
| Midtown |
| 460,000 |
| 80.7 |
| 85.2 |
| $ | 245,700,000 |
|
Apr-11 |
| 1515 Broadway - remaining 45% |
| Fee Interest |
| Times Square |
| 1,750,000 |
| 98.5 |
| 100.0 |
| $ | 1,210,000,000 |
|
May-11 |
| 110 East 42nd Street |
| Fee Interest |
| Grand Central |
| 205,000 |
| 72.6 |
| 81.6 |
| $ | 85,570,000 |
|
May-11 |
| 280 Park Avenue - 49.5% JV |
| Fee Interest |
| Park Avenue |
| 1,219,158 |
| 78.2 |
| 55.0 |
| $ | 1,110,000,000 |
|
Nov-11 |
| 180 Maiden Lane - 49.9% JV |
| Fee Interest |
| Financial East |
| 1,090,000 |
| 97.7 |
| 97.7 |
| $ | 425,680,000 |
|
Nov-11 |
| 51 East 42nd Street |
| Fee Interest |
| Grand Central |
| 142,000 |
| 95.5 |
| 85.9 |
| $ | 80,000,000 |
|
|
|
|
|
|
|
|
| 4,866,158 |
|
|
|
|
| $ | 3,156,950,000 |
|
2012 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-12 |
| 10 East 53rd Street - 55% JV |
| Fee Interest |
| Plaza District |
| 354,300 |
| 91.9 |
| 90.0 |
| $ | 252,500,000 |
|
Jun-12 |
| 304 Park Avenue South |
| Fee Interest |
| Midtown South |
| 215,000 |
| 95.8 |
| 95.8 |
| $ | 135,000,000 |
|
Sep-12 |
| 641 Sixth Avenue |
| Fee Interest |
| Midtown South |
| 163,000 |
| 92.1 |
| 92.1 |
| $ | 90,000,000 |
|
Dec-12 |
| 315 West 36th Street - 35.5% JV |
| Fee Interest |
| Times Square South |
| 147,619 |
| 99.2 |
| 99.2 |
| $ | 46,000,000 |
|
|
|
|
|
|
|
|
| 879,919 |
|
|
|
|
| $ | 523,500,000 |
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Ownership interest from November 01 - May 08 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.)
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan
|
|
|
|
|
|
|
|
|
|
| Sales |
| Sales |
| ||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable SF |
| Price ($’s) |
| Price ($’s/SF) |
| ||
2000 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-00 |
| 29 West 35th Street |
| Fee Interest |
| Penn Station |
| 78,000 |
| $ | 11,700,000 |
| $ | 150 |
|
Mar-00 |
| 36 West 44th Street |
| Fee Interest |
| Grand Central |
| 178,000 |
| $ | 31,500,000 |
| $ | 177 |
|
May-00 |
| 321 West 44th Street - 35% JV |
| Fee Interest |
| Times Square |
| 203,000 |
| $ | 28,400,000 |
| $ | 140 |
|
Nov-00 |
| 90 Broad Street |
| Fee Interest |
| Financial |
| 339,000 |
| $ | 60,000,000 |
| $ | 177 |
|
Dec-00 |
| 17 Battery South |
| Fee Interest |
| Financial |
| 392,000 |
| $ | 53,000,000 |
| $ | 135 |
|
|
|
|
|
|
|
|
| 1,190,000 |
| $ | 184,600,000 |
| $ | 156 |
|
2001 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-01 |
| 633 Third Ave |
| Fee Interest |
| Grand Central North |
| 40,623 |
| $ | 13,250,000 |
| $ | 326 |
|
May-01 |
| 1 Park Ave - 45% JV |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 233,900,000 |
| $ | 256 |
|
Jun-01 |
| 1412 Broadway |
| Fee Interest |
| Times Square South |
| 389,000 |
| $ | 90,700,000 |
| $ | 233 |
|
Jul-01 |
| 110 East 42nd Street |
| Fee Interest |
| Grand Central |
| 69,700 |
| $ | 14,500,000 |
| $ | 208 |
|
Sep-01 |
| 1250 Broadway (1) |
| Fee Interest |
| Penn Station |
| 670,000 |
| $ | 126,500,000 |
| $ | 189 |
|
|
|
|
|
|
|
|
| 2,082,323 |
| $ | 478,850,000 |
| $ | 242 |
|
2002 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jun-02 |
| 469 Seventh Avenue |
| Fee Interest |
| Penn Station |
| 253,000 |
| $ | 53,100,000 |
| $ | 210 |
|
|
|
|
|
|
|
|
| 253,000 |
| $ | 53,100,000 |
| $ | 210 |
|
2003 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Mar-03 |
| 50 West 23rd Street |
| Fee Interest |
| Chelsea |
| 333,000 |
| $ | 66,000,000 |
| $ | 198 |
|
Jul-03 |
| 1370 Broadway |
| Fee Interest |
| Times Square South |
| 255,000 |
| $ | 58,500,000 |
| $ | 229 |
|
Dec-03 |
| 321 West 44th Street |
| Fee Interest |
| Times Square |
| 203,000 |
| $ | 35,000,000 |
| $ | 172 |
|
|
|
|
|
|
|
|
| 791,000 |
| $ | 159,500,000 |
| $ | 202 |
|
2004 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
May-04 |
| 1 Park Avenue (2) |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 318,500,000 |
| $ | 349 |
|
Oct-04 |
| 17 Battery Place North |
| Fee Interest |
| Financial |
| 419,000 |
| $ | 70,000,000 |
| $ | 167 |
|
Nov-04 |
| 1466 Broadway |
| Fee Interest |
| Times Square |
| 289,000 |
| $ | 160,000,000 |
| $ | 554 |
|
|
|
|
|
|
|
|
| 1,621,000 |
| $ | 548,500,000 |
| $ | 338 |
|
2005 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Apr-05 |
| 1414 Avenue of the Americas |
| Fee Interest |
| Plaza District |
| 111,000 |
| $ | 60,500,000 |
| $ | 545 |
|
Aug-05 |
| 180 Madison Avenue |
| Fee Interest |
| Grand Central |
| 265,000 |
| $ | 92,700,000 |
| $ | 350 |
|
|
|
|
|
|
|
|
| 376,000 |
| $ | 153,200,000 |
| $ | 407 |
|
2006 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jul-06 |
| 286 & 290 Madison Avenue |
| Fee Interest |
| Grand Central |
| 149,000 |
| $ | 63,000,000 |
| $ | 423 |
|
Aug-06 |
| 1140 Avenue of the Americas |
| Leasehold Interest |
| Rockefeller Center |
| 191,000 |
| $ | 97,500,000 |
| $ | 510 |
|
Dec-06 |
| 521 Fifth Avenue (3) |
| Leasehold Interest |
| Midtown |
| 460,000 |
| $ | 240,000,000 |
| $ | 522 |
|
|
|
|
|
|
|
|
| 800,000 |
| $ | 400,500,000 |
| $ | 501 |
|
2007 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Mar-07 |
| 1 Park Avenue |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 550,000,000 |
| $ | 602 |
|
Mar-07 |
| 70 West 36th Street |
| Fee Interest |
| Garment |
| 151,000 |
| $ | 61,500,000 |
| $ | 407 |
|
Jun-07 |
| 110 East 42nd Street |
| Fee Interest |
| Grand Central North |
| 181,000 |
| $ | 111,500,000 |
| $ | 616 |
|
Jun-07 |
| 125 Broad Street |
| Fee Interest |
| Downtown |
| 525,000 |
| $ | 273,000,000 |
| $ | 520 |
|
Jun-07 |
| 5 Madison Clock Tower |
| Fee Interest |
| Park Avenue South |
| 267,000 |
| $ | 200,000,000 |
| $ | 749 |
|
Jul-07 |
| 292 Madison Avenue |
| Fee Interest |
| Grand Central South |
| 187,000 |
| $ | 140,000,000 |
| $ | 749 |
|
Jul-07 |
| 1372 Broadway (4) |
| Fee Interest |
| Penn Station/Garment |
| 508,000 |
| $ | 335,000,000 |
| $ | 659 |
|
Nov-07 |
| 470 Park Avenue South |
| Fee Interest |
| Park Avenue South/Flatiron |
| 260,000 |
| $ | 157,000,000 |
| $ | 604 |
|
|
|
|
|
|
|
|
| 2,992,000 |
| $ | 1,828,000,000 |
| $ | 611 |
|
2008 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-08 |
| 440 Ninth Avenue |
| Fee Interest |
| Penn Station |
| 339,000 |
| $ | 160,000,000 |
| $ | 472 |
|
May-08 |
| 1250 Broadway |
| Fee Interest |
| Penn Station |
| 670,000 |
| $ | 310,000,000 |
| $ | 463 |
|
Oct-08 |
| 1372 Broadway (5) |
| Fee Interest |
| Penn Station/Garment |
| 508,000 |
| $ | 274,000,000 |
| $ | 539 |
|
|
|
|
|
|
|
|
| 1,517,000 |
| $ | 744,000,000 |
| $ | 490 |
|
2010 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
May-10 |
| 1221 Avenue of the Americas (6) |
| Fee Interest |
| Rockefeller Center |
| 2,550,000 |
| $ | 1,280,000,000 |
| $ | 502 |
|
Sep-10 |
| 19 West 44th Street |
| Fee Interest |
| Midtown |
| 292,000 |
| $ | 123,150,000 |
| $ | 422 |
|
|
|
|
|
|
|
|
| 2,842,000 |
| $ | 1,403,150,000 |
| $ | 494 |
|
2011 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
May-11 |
| 28 West 44th Street |
| Fee Interest |
| Midtown |
| 359,000 |
| $ | 161,000,000 |
| $ | 448 |
|
(1) Company sold a 45% JV interest in the property at an implied $126.5 million sales price.
(2) Company sold a 75% JV interest in the property at an implied $318.5 million sales price.
(3) Company sold a 50% JV interest in the property at an implied $240.0 million sales price
(4) Company sold a 85% JV interest in the property at an implied $335.0 million sales price.
(5) Company sold a 15% JV interest in the property at an implied $274.0 million sales price.
(6) Company sold a 45% JV interest in the property at an implied $1.28 billion sales price.
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban
|
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition |
| |||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable SF |
| at acquisition |
| 12/31/2012 |
| Price ($’s) (1) |
| |
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-07 |
| 300 Main Street |
| Fee Interest |
| Stamford, Connecticut |
| 130,000 |
| 92.5 |
| 86.4 |
| $ | 15,000,000 |
|
Jan-07 |
| 399 Knollwood Road |
| Fee Interest |
| White Plains, Westchester |
| 145,000 |
| 96.6 |
| N/A |
| $ | 31,600,000 |
|
Jan-07 |
| Reckson - Connecticut Portfolio |
| Fee Interests / Leasehold Interest |
| Stamford, Connecticut |
| 1,369,800 |
| 88.9 |
| 84.6 |
| $ | 490,750,000 |
|
Jan-07 |
| Reckson - Westchester Portfolio |
| Fee Interests / Leasehold Interest |
| Westchester |
| 2,346,100 |
| 90.6 |
| 79.2 |
| $ | 570,190,000 |
|
Apr-07 |
| Jericho Plazas - 20.26% JV |
| Fee Interest |
| Jericho, New York |
| 640,000 |
| 98.4 |
| 89.6 |
| $ | 210,000,000 |
|
Jun-07 |
| 1010 Washington Boulevard |
| Fee Interest |
| Stamford, Connecticut |
| 143,400 |
| 95.6 |
| 60.9 |
| $ | 38,000,000 |
|
Jun-07 |
| 500 West Putnam Avenue |
| Fee Interest |
| Greenwich, Connecticut |
| 121,500 |
| 94.4 |
| 55.1 |
| $ | 56,000,000 |
|
Jul-07 |
| 16 Court Street - 35% JV |
| Fee Interest |
| Brooklyn, New York |
| 317,600 |
| 80.6 |
| 84.0 |
| $ | 107,500,000 |
|
Aug-07 |
| 150 Grand Street |
| Fee Interest |
| White Plains, Westchester |
| 85,000 |
| 52.9 |
| 33.0 |
| $ | 6,700,000 |
|
Sep-07 |
| The Meadows - 25% JV |
| Fee Interest |
| Rutherford, New Jersey |
| 582,100 |
| 81.3 |
| 79.7 |
| $ | 111,500,000 |
|
|
|
|
|
|
|
|
| 5,880,500 |
|
|
|
|
| $ | 1,637,240,000 |
|
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Suburban |
|
|
|
|
|
|
|
|
|
|
|
| Sales |
| Sales |
| ||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable SF |
|
|
| Price ($’s) |
| Price ($’s/SF) |
| ||
2008 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Oct-08 |
| 100 & 120 White Plains Road |
| Fee Interest |
| Tarrytown, Westchester |
| 311,000 |
|
|
| $ | 48,000,000 |
| $ | 154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2009 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-09 |
| 55 Corporate Drive |
| Fee Interest |
| Bridgewater, New Jersey |
| 670,000 |
|
|
| $ | 230,000,000 |
| $ | 343 |
|
Aug-09 |
| 399 Knollwood Road |
| Fee Interest |
| White Plains, Westchester |
| 145,000 |
|
|
| $ | 20,767,307 |
| $ | 143 |
|
|
|
|
|
|
|
|
| 815,000 |
|
|
| $ | 250,767,307 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2012 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jul-12 |
| One Court Square |
| Fee Interest |
| Long Island City, New York |
| 1,402,000 |
|
|
| $ | 481,100,000 |
| $ | 343 |
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Retail, Residential, Development, Land & West Coast
|
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition |
| |||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable SF |
| at acquisition |
| 12/31/2012 |
| Price ($’s) (1) |
| |
2005 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jul-05 |
| 1551-1555 Broadway - 10% JV |
| Fee Interest |
| Times Square |
| 25,600 |
| N/A |
| N/A |
| $ | 85,000,000 |
|
Jul-05 |
| 21 West 34th Street - 50% JV |
| Fee Interest |
| Herald Square |
| 30,100 |
| N/A |
| 100.0 |
| $ | 17,500,000 |
|
Sep-05 |
| 141 Fifth Avenue - 50% JV |
| Fee Interest |
| Flatiron |
| 21,500 |
| N/A |
| N/A |
| $ | 13,250,000 |
|
Nov-05 |
| 1604 Broadway - 63% JV |
| Leasehold Interest |
| Times Square |
| 29,876 |
| 17.2 |
| 23.7 |
| $ | 4,400,000 |
|
Dec-05 |
| 379 West Broadway - 45% JV |
| Leasehold Interest |
| Cast Iron/Soho |
| 62,006 |
| 100.0 |
| 0.0 |
| $ | 19,750,000 |
|
|
|
|
|
|
|
|
| 169,082 |
|
|
|
|
| $ | 139,900,000 |
|
2006 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-06 |
| 25-29 West 34th Street - 50% JV |
| Fee Interest |
| Herald Square/Penn Station |
| 41,000 |
| 55.8 |
| 100.0 |
| $ | 30,000,000 |
|
Sep-06 |
| 717 Fifth Avenue - 32.75% JV |
| Fee Interest |
| Midtown/Plaza District |
| 119,550 |
| 63.1 |
| 89.4 |
| $ | 251,900,000 |
|
|
|
|
|
|
|
|
| 160,550 |
|
|
|
|
| $ | 281,900,000 |
|
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aug-07 |
| 180 Broadway - 50% JV |
| Fee Interest |
| Cast Iron / Soho |
| 24,300 |
| 85.2 |
| — |
| $ | 13,600,000 |
|
Apr-07 |
| Two Herald Square - 55% JV |
| Fee Interest |
| Herald Square |
| N/A |
| N/A |
| N/A |
| $ | 225,000,000 |
|
Jul-07 |
| 885 Third Avenue - 55% JV |
| Fee Interest |
| Midtown / Plaza District |
| N/A |
| N/A |
| N/A |
| $ | 317,000,000 |
|
|
|
|
|
|
|
|
| 24,300 |
|
|
|
|
| $ | 555,600,000 |
|
2008 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-08 |
| 125 Chubb Way |
| Fee Interest |
| Lyndhurst, NJ |
| 278,000 |
| — |
| 57.1 |
| $ | 29,364,000 |
|
Feb-08 |
| 182 Broadway - 50% JV |
| Fee Interest |
| Cast Iron / Soho |
| 46,280 |
| 83.8 |
| — |
| $ | 30,000,000 |
|
|
|
|
|
|
|
|
| 324,280 |
|
|
|
|
| $ | 59,364,000 |
|
2010 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nov-10 |
| Williamsburg Terrace |
| Fee Interest |
| Brooklyn, NY |
| 52,000 |
| 100.0 |
| 100.0 |
| $ | 18,000,000 |
|
Dec-10 |
| 11 West 34th Street - 30% JV |
| Fee Interest |
| Herald Square/Penn Station |
| 17,150 |
| 100.0 |
| 100.0 |
| $ | 10,800,000 |
|
Dec-10 |
| 7 Renaissance Square - 50% JV |
| Fee Interest |
| White Plains, NY |
| 65,641 |
| — |
| 29.2 |
| $ | 4,000,000 |
|
Dec-10 |
| Two Herald Square - 45% (2) |
| Fee Interest |
| Herald Square |
| 354,400 |
| 100.0 |
| 100.0 |
| $ | 247,500,000 |
|
Dec-10 |
| 885 Third Avenue - 45% (2) |
| Fee Interest |
| Midtown / Plaza District |
| 607,000 |
| 100.0 |
| 100.0 |
| $ | 352,000,000 |
|
Dec-10 |
| 292 Madison Avenue |
| Fee Interest |
| Grand Central South |
| 203,800 |
| N/A |
| N/A |
| $ | 78,300,000 |
|
|
|
|
|
|
|
|
| 1,299,991 |
|
|
|
|
| $ | 710,600,000 |
|
2011 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-11 |
| 3 Columbus Circle - 48.9% |
| Fee Interest |
| Columbus Circle |
| 741,500 |
| 20.1 |
| 51.6 |
| $ | 500,000,000 |
|
Aug-11 |
| 1552-1560 Broadway - 50% |
| Fee Interest |
| Times Square |
| 35,897 |
| 59.7 |
| 23.3 |
| $ | 136,550,000 |
|
Sep-11 |
| 747 Madison Avenue - 33.33% |
| Fee Interest |
| Plaza District |
| 10,000 |
| 100.0 |
| — |
| $ | 66,250,000 |
|
|
|
|
|
|
|
|
| 787,397 |
|
|
|
|
| $ | 702,800,000 |
|
2012 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-12 |
| DFR Residential and Retail Portfolio - 80% |
| Fee Interests / Leasehold Interest |
| Plaza District, Upper East Side |
| 489,882 |
| 95.1 |
| 93.1 |
| $ | 193,000,000 |
|
Jan-12 |
| 724 Fifth Avenue - 50% |
| Fee Interest |
| Plaza District |
| 65,010 |
| 92.9 |
| 84.7 |
| $ | 223,000,000 |
|
Jul-12 |
| West Coast Office Portfolio - 27.63% |
| Fee Interest |
|
|
| 4,473,603 |
| 76.3 |
| 76.9 |
| $ | 880,103,924 |
|
Aug-12 |
| 33 Beekman Street - 45.9% |
| Fee Interest |
| Downtown |
| — |
| — |
| — |
| $ | 31,160,000 |
|
Sep-12 |
| 635 Sixth Avenue |
| Fee Interest |
| Midtown South |
| 104,000 |
| — |
| — |
| $ | 83,000,000 |
|
Oct-12 |
| 1080 Amsterdam - 87.5% |
| Leasehold Interest |
| Upper West Side |
| 82,250 |
| 2.2 |
| 2.2 |
| $ | — |
|
Dec-12 |
| 21 East 66th Street - 32.28% |
| Fee Interest |
| Plaza District |
| 16,736 |
| 100.0 |
| 100.0 |
| $ | 75,000,000 |
|
Dec-12 |
| 985-987 Third Avenue |
| Fee Interest |
| Upper East Side |
| 13,678 |
| — |
| — |
| $ | 18,000,000 |
|
Dec-12 |
| 131-137 Spring Street |
| Fee Interest |
| Soho |
| 68,342 |
| 100.0 |
| 100.0 |
| $ | 122,300,000 |
|
|
|
|
|
|
|
|
| 5,313,501 |
|
|
|
|
| $ | 1,625,563,924 |
|
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Retail, Residential, Development, Land & West Coast |
|
|
|
|
|
|
|
|
|
|
|
| Sales |
| Sales |
| ||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable SF |
|
|
| Price ($’s) |
| Price ($’s/SF) |
| ||
2011 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Sep-11 |
| 1551-1555 Broadway (3) |
| Fee Interest |
| Times Square |
| 25,600 |
|
|
| $ | 276,757,000 |
| $ | 10,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2012 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-12 |
| 141 Fifth Avenue (4) |
| Fee Interest |
| Flatiron |
| 13,000 |
|
|
| $ | 46,000,000 |
| $ | 3,538 |
|
Feb-12 |
| 292 Madison Avenue |
| Fee Interest |
| Grand Central South |
| 203,800 |
|
|
| $ | 85,000,000 |
| $ | 417 |
|
Apr-12 |
| 379 West Broadway |
| Leasehold Interest |
| Cast Iron/Soho |
| 62,006 |
|
|
| $ | 48,500,000 |
| $ | 782 |
|
Jun-12 |
| 717 Fifth Avenue (5) |
| Fee Interest |
| Midtown/Plaza District |
| 119,550 |
|
|
| $ | 617,583,774 |
| $ | 5,166 |
|
Sep-12 |
| 3 Columbus Circle (6) |
| Fee Interest |
| Columbus Circle |
| 214,372 |
|
|
| $ | 143,600,000 |
| $ | 670 |
|
|
|
|
|
|
|
|
| 612,728 |
|
|
| $ | 940,683,774 |
|
|
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Subject to long-term, third party net operating leases.
(3) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price.
(4) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.
(5) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property.
(6) The joint venture sold a 29% condominium interest in the property.
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Executive & Senior Management
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Stephen L. Green
Chairman of the Board
Marc Holliday
Chief Executive Officer
Andrew Mathias
President
James Mead
Chief Financial Officer
Andrew S. Levine
Chief Legal Officer
Steven M. Durels
Executive Vice President, Director of Leasing and Real Property
Edward V. Piccinich
Executive Vice President, Property Management and Construction
Neil H. Kessner
Executive Vice President, General Counsel - Real Property
David M. Schonbraun
Co-Chief Investment Officer
Isaac Zion
Co-Chief Investment Officer
Matthew J. DiLiberto
Chief Accounting Officer & Treasurer
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ANALYST COVERAGE
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ANALYST COVERAGE
Firm |
| Analyst |
| Phone |
| |
Bank of America - Merrill Lynch |
| James C. Feldman |
| (212) 449-6339 |
| james_feldman@ml.com |
Barclays Capital |
| Ross Smotrich |
| (212) 526-2306 |
| ross.smotrich@barcap.com |
Cantor Fitzgerald |
| David Toti |
| (212) 915-1219 |
| dtoti@cantor.com |
Citigroup Smith Barney, Inc. |
| Michael Bilerman |
| (212) 816-1383 |
| michael.bilerman@citigroup.com |
Cowen and Company |
| James Sullivan |
| (646) 562-1380 |
| james.sullivan@cowen.com |
Deutsche Bank |
| John Perry |
| (212) 250-4912 |
| john.perry@db.com |
Goldman Sachs & Co. |
| Andrew Rosivach |
| (212) 902-2796 |
| andrew.rosivach@gs.com |
Green Street Advisors |
| Michael Knott |
| (949) 640-8780 |
| mknott@greenstreetadvisors.com |
ISI Group |
| Steve Sakwa |
| (212) 446-9462 |
| ssakwa@isigrp.com |
Jefferies & Company |
| Tayo Okusanya |
| (212) 336-7076 |
| tokusanya@jefferies.com |
JMP Securities |
| Mitchell Germain |
| (212) 906-3546 |
| mgermain@jmpsecurities.com |
JP Morgan Securities, Inc. |
| Anthony Paolone |
| (212) 622-6682 |
| anthony.paolone@jpmorgan.com |
KeyBanc Capital Markets |
| Jordan Sadler |
| (917) 368-2280 |
| jsadler@keybanccm.com |
Macquarie Research Equities (USA) |
| Robert Stevenson |
| (212) 231-8068 |
| rob.stevenson@macquarie.com |
RW Baird |
| David Rodgers |
| (216) 737-7341 |
| drodgers@rwbaird.com |
Sandler O’Neill + Partners, L.P. |
| Alexander D. Goldfarb |
| (212) 466-7937 |
| agoldfarb@sandleroneill.com |
Stifel Nicolaus |
| John Guinee |
| (443) 224-1307 |
| jwguinee@stifel.com |
UBS Securities LLC |
| Ross T. Nussbaum |
| (212) 713-2484 |
| ross.nussbaum@ubs.com |
Wells Fargo Securities, LLC |
| Brendan Maiorana |
| (443) 263-6516 |
| brendan.maiorana@wachovia.com |
FIXED INCOME COVERAGE
Firm |
| Analyst |
| Phone |
| |
Citigroup Inc. |
| Thomas Cook |
| (212) 723-1112 |
| thomas.n.cook@citi.com |
Goldman Sachs & Co. |
| Louise Pitt |
| (212) 902-3644 |
| louise.pitt@gs.com |
JP Morgan Securities, Inc. |
| Mark Streeter |
| (212) 834-6601 |
| mark.streeter@jpmorgan.com |
Merrill Lynch, Pierce, Fenner & Smith Inc. |
| Tom Truxillo |
| (980) 386-5212 |
| thomas.c.truxillo_jr@baml.com |
Wells Fargo Securities, LLC |
| Thierry B. Perrein |
| (704) 715-8455 |
| thierry.perrein@wellsfargo.com |
SL Green Realty Corp. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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SUPPLEMENTAL DEFINITIONS
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Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to operating income.
Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
Debt service coverage is adjusted EBITDA divided by total interest and principal payments.
Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.
Fixed charge coverage is adjusted EBITDA divided by fixed charge.
Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements.
Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002, as amended, as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Interest coverage is adjusted EBITDA divided by total interest expense.
Junior Mortgage Participations are subordinate interests in first mortgages.
Mezzanine Debt Loans are loans secured by ownership interests.
Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.
Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.
Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”
Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.
Same-store NOI growth is the change in the NOI (excluding straight-line rents) of the same-store properties from the prior year reporting period to the current year reporting period.
Same-store properties include all properties that were owned in the same manner during both the current and prior year reporting periods, and excludes development properties prior to being stabilized for both the current and prior reporting period.
Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.
SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures less JV partners’ share of debt. Market equity assumes conversion of all OP units into common stock.
Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).