SL Green Realty Corp. (NYSE:SLG):
Financial and Operating Highlights
-
Second quarter FFO of $1.64 per share before transaction related
costs of $0.02 per share compared to prior year FFO of $1.29 per share
before transaction related costs of $0.02 per share.
-
Second quarter net income attributable to common stockholders of
$2.46 per share compared to net income of $0.09 per share in the prior
year. Current quarter net income includes a gain recognized on the
sale of 673 First Avenue of $1.18 per share and a purchase price fair
value adjustment related to the acquisition of the Company’s joint
venture partner’s interest in 388-390 Greenwich Street of $0.72 per
share.
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Combined same-store cash NOI increased 3.5 percent for the second
quarter compared to the prior year.
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Signed 64 Manhattan office leases covering 272,645 square feet
during the second quarter. The mark-to-market on signed Manhattan
office leases was 10.5 percent higher in the second quarter than the
previously fully escalated rents on the same spaces.
-
Signed 34 Suburban office leases covering 163,777 square feet
during the second quarter. The mark-to-market on signed Suburban
office leases was 3.2 percent higher in the second quarter than the
previously fully escalated rents on the same spaces.
Investing Highlights
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Closed on the acquisition of the Company’s joint venture partner’s
interest in 388-390 Greenwich Street at a valuation for the
consolidated investment of $1.585 billion and simultaneously closed on
a $1.45 billion mortgage refinancing of the property.
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Entered into an agreement to sell the leased fee interest in 2
Herald Square for $365.0 million.
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Together with its joint venture partner, reached an agreement to
sell the mixed-use college dormitory/retail asset at 180 Broadway for
a gross sales price of $222.5 million.
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Closed today on the sale of the development properties at 985-987
Third Avenue for $68.7 million.
-
Closed on the sale of the Company’s leasehold interest in 673 First
Avenue for $145.0 million and recognized a gain on sale of $117.8
million.
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Closed on the sale of the Company’s joint venture interest in 747
Madison Avenue for a gross sales price of $160.0 million, recognizing
a promote of $10.3 million and a deferred gain on sale of $13.1
million.
-
Closed on the acquisition of 719 Seventh Avenue for $41.1 million,
expanding the Company’s retail footprint in Times Square.
-
Closed on the acquisition of a prime retail condominium at 115
Spring Street for $52.0 million, located along one of SoHo’s most
popular shopping corridors.
-
Originated and retained or acquired debt and preferred equity
investments totaling $219.3 million in the second quarter at a
weighted average current yield of 9.1 percent.
Summary
SL Green Realty Corp. (NYSE: SLG) today reported funds from operations,
or FFO, for the quarter ended June 30, 2014 of $160.9 million, or $1.62
per share, after giving consideration to transaction costs of $1.7
million, or $0.02 per share, as compared to FFO for the same quarter of
2013 of $120.5 million, or $1.27 per share, after giving consideration
to transaction costs of $1.7 million, or $0.02 per share, and
non-recurring charges related to the redemption of the Series C
Cumulative Redeemable Preferred Stock of $12.2 million, or $0.13 per
share.
Net income attributable to common stockholders for the quarter ended
June 30, 2014 totaled $235.5 million, or $2.46 per share, inclusive of
$117.8 million, or $1.18 per share, of gains recognized from the sale of
673 First Avenue and a purchase price fair value adjustment of $71.4
million, or $0.72 per share, related to the acquisition of the Company’s
joint venture partner’s interest in 388-390 Greenwich Street, compared
to net income attributable to common stockholders of $8.3 million, or
$0.09 per share, for the same quarter in 2013.
All per share amounts in this press release are presented on a diluted
basis.
Operating and Leasing Activity
For the second quarter of 2014, the Company reported consolidated
revenues and operating income of $387.2 million and $237.3 million,
respectively, compared to $353.9 million and $198.7 million,
respectively, for the same period in 2013.
Same-store cash NOI on a combined basis increased by 3.5 percent to
$170.8 million and by 2.0 percent to $331.5 million for the three and
six months ended June 30, 2014, respectively, as compared to the same
periods in 2013. For the quarter, consolidated property same-store cash
NOI increased by 1.4 percent to $152.9 million and unconsolidated joint
venture property same-store cash NOI increased 25.4 percent to $18.0
million. For the first six months, consolidated property same-store cash
NOI decreased by 0.2 percent to $296.8 million and unconsolidated joint
venture property same-store cash NOI increased 24.8 percent to $34.7
million.
During the second quarter, the Company signed 64 office leases in its
Manhattan portfolio totaling 272,645 square feet. Twenty-seven leases
comprising 106,892 square feet represented office leases that replaced
previous vacancy. Thirty-seven leases comprising 165,753 square feet,
representing office leases on space that had been occupied within the
prior twelve months, are considered replacement leases on which
mark-to-market is calculated. Those replacement leases had average
starting rents of $63.16 per rentable square foot, representing a 10.5
percent increase over the previously fully escalated rents on the same
office spaces. The average lease term on the Manhattan office leases
signed in the second quarter was 6.6 years and average tenant
concessions were 2.8 months of free rent with a tenant improvement
allowance of $37.36 per rentable square foot.
During the first six months of 2014, the Company has signed 139 office
leases in its Manhattan portfolio totaling 820,707 square feet.
Forty-eight leases comprising 267,506 square feet represented office
leases that replaced previous vacancy. Ninety-one leases comprising
553,201 square feet, representing office leases on space that had been
occupied within the prior twelve months, are considered replacement
leases on which mark-to-market is calculated. Those replacement leases
had average starting rents of $62.23 per rentable square foot,
representing a 13.7 percent increase over the previously fully escalated
rents on the same office spaces.
Manhattan same-store occupancy was 94.9 percent as of June 30, 2014,
inclusive of 275,657 square feet of leases signed but not yet commenced
as compared to 94.9 percent at March 31, 2014 and 94.2 percent at June
30, 2013.
During the second quarter, the Company signed 34 office leases in the
Suburban portfolio totaling 163,777 square feet. Eighteen leases
comprising 121,045 square feet represented office leases that replaced
previous vacancy. Sixteen leases comprising the remaining 42,732 square
feet, representing office leases on space that had been occupied within
the prior twelve months, are considered replacement leases on which
mark-to-market is calculated. Those replacement leases had average
starting rents of $31.39 per rentable square foot, representing a 3.2
percent increase over the previously fully escalated rents on the same
office spaces. The average lease term on the Suburban office leases
signed in the second quarter was 8.3 years and average tenant
concessions were 6.4 months of free rent with a tenant improvement
allowance of $33.45 per rentable square foot.
During the first six months of 2014, the Company has signed 67 office
leases in its Suburban portfolio totaling 322,911 square feet.
Thirty-four leases comprising 192,175 square feet represented office
leases that replaced previous vacancy. Thirty-three leases comprising
130,736 square feet, representing office leases on space that had been
occupied within the prior twelve months, are considered replacement
leases on which mark-to-market is calculated. Those replacement leases
had average starting rents of $32.04 per rentable square foot,
representing a 1.6 percent increase over the previously fully escalated
rents on the same office spaces.
Same-store occupancy for the Company's Suburban portfolio increased to
82.8 percent at June 30, 2014, inclusive of 98,370 square feet of leases
signed but not yet commenced, as compared to 81.2 percent at March 31,
2014 and 79.3 percent at June 30, 2013.
Significant leases that were signed during the second quarter included:
-
New lease on 39,200 square feet with Sony Entertainment for 10.8 years
at The Meadows, Rutherford, New Jersey;
-
New lease on 20,966 square feet with TPR Education for 10.4 years at
110 East 42nd Street;
-
Renewal and expansion on 17,922 square feet with Curex Group Holdings,
LLC for 5 years at 120 West 45th Street;
-
Early renewal on 17,901 square feet with SLR Acquisitions, Corp at 110
East 42nd Street bringing the remaining weighted average
lease term to 4.3 years; and
-
New lease on 16,315 square feet with Titan Advisors, LLC for 8.8 years
at 750 Washington Boulevard, Stamford, Connecticut.
Marketing, general and administrative, or MG&A, expenses for the quarter
ended June 30, 2014 were $23.9 million, or 5.4 percent of total revenues
and an annualized 50 basis points of total assets including the
Company’s share of joint venture revenues and assets.
Real Estate Investment Activity
In May, the Company closed on the acquisition of Ivanhoe Cambridge's
stake in 388-390 Greenwich Street for a gross valuation of $1.585
billion, thereby assuming full ownership of the 2.6 million square foot
property located in Tribeca, which is triple-net leased to an affiliate
of Citigroup Inc. through 2035.
In July, the Company entered into an agreement to sell the leased fee
interest in 2 Herald Square for $365.0 million. The sale of the leased
fee interest, which is improved with an existing 11-story 365,000 square
foot commercial office building, is expected to close during the fourth
quarter of 2014, subject to the satisfaction of customary closing
conditions.
In July, the Company, together with its partner, reached an agreement to
sell all their interests, including their fee position and retail
condominium unit, in the mixed-use college dormitory/retail asset at 180
Broadway for a gross sales price of $222.5 million. This transaction is
expected to close during the third quarter of 2014, subject to the
satisfaction of customary closing conditions.
Today, the Company closed on the sale of its development properties at
985-987 Third Avenue for $68.7 million. The sale is being made in
conjunction with the pending sale of the adjacent parcel, which the
Company does not own. The total amount paid for the combined development
site, plus development rights, was $100.0 million.
In May, the Company closed on the sale of its leasehold interest in 673
First Avenue for $145.0 million, reflecting a capitalization rate based
on in-place net operating income of 4.7 percent, and recognized a gain
on sale of $117.8 million.
In May, the Company closed on the sale of its joint venture interest in
a 10,000 square foot property located at 747 Madison Avenue for a gross
sales price of $160.0 million, recognizing a promote of $10.3 million
and a deferred gain on sale of $13.1 million.
In July, the Company, together with its joint venture partner, closed on
the acquisition of 719 Seventh Avenue for $41.1 million. The site can
accommodate a building up to 28,114 square feet in addition to highly
coveted LED signage towers, akin to those the Company has constructed at
1551-1555 Broadway, 1515 Broadway and most recently at 1552-1560
Broadway. The Company intends to demolish the building in due course in
order to take full advantage of the development rights.
In July, the Company closed on the acquisition of a 5,218 square foot
prime retail condominium at 115 Spring Street, located along one of
SoHo’s most popular shopping corridors, for $52.0 million, expanding the
Company’s SoHo presence, which includes retail assets at 131-137 Spring
Street, a participating preferred investment at 530-536 Broadway and a
contract to purchase the retail condominium at 121 Greene Street.
In April, the Company entered into a contract to acquire the fee
interest at 635 Madison Avenue for $145.0 million. The property is
encumbered by a ground lease through April 2030 with one twenty-one year
renewal extension option. The improvements of the fee interest include a
19-story 176,530-square-foot office tower. The transaction is expected
to be completed during the third quarter of 2014, subject to the
satisfaction of customary closing conditions.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment
portfolio totaled $1.5 billion at June 30, 2014. During the second
quarter, the Company originated and retained or acquired new debt and
preferred equity investments totaling $219.3 million, at a weighted
average current yield of 9.1 percent, and recorded $81.9 million of
principal reductions from investments that were sold or repaid. As of
June 30, 2014, the debt and preferred equity investment portfolio had a
weighted average maturity of 1.8 years, excluding any extension options,
and had a weighted average yield during the second quarter of 10.6
percent.
Financing and Capital Activity
In May, the Company closed on a $1.45 billion mortgage refinancing of
388-390 Greenwich Street. The new loan, which bears interest at 175
basis points over LIBOR, has an initial 4-year term and three, 1-year
as-of-right extension options, and replaces the former $1.138 billion
financing. The Company has swapped $504.0 million of the mortgage to
fixed rate. A portion of the net proceeds from the refinancing were used
to close on the purchase of Ivanhoe Cambridge's interest, which occurred
simultaneously with the closing of the new financing.
In April, the Company and its joint venture partner closed on a $275.0
million refinancing of 724 Fifth Avenue, resulting in proceeds in excess
of our original basis in the building. The new loan matures in April
2017 with two one-year extension options and bears interest at a blended
rate of 242 basis points over LIBOR.
Dividends
During the second quarter of 2014, the Company declared quarterly
dividends on its outstanding common and preferred stock as follows:
-
$0.50 per share of common stock, which was paid on July 15, 2014 to
stockholders of record on the close of business on June 30, 2014; and
-
$0.40625 per share on the Company's 6.50% Series I Cumulative
Redeemable Preferred Stock for the period April 15, 2014 through and
including July 14, 2014, which was paid on July 15, 2014 to
stockholders of record on the close of business on June 30, 2014, and
reflects the regular quarterly dividend which is the equivalent of an
annualized dividend of $1.625 per share.
Annual Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on
Monday, December 8, 2014 in New York City. To be added to the
Conference's email distribution list or to pre-register, please email SLG2014@slgreen.com.
Details of the event will be provided to those on the Conference’s email
distribution list in September 2014.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chief
Executive Officer, will host a conference call and audio webcast on
Thursday, July 24, 2014 at 2:00 pm ET to discuss the financial results.
The supplemental package will be available prior to the quarterly
conference call on the Company's website, www.slgreen.com,
under “Financial Reports” in the Investors section.
The live conference will be webcast in listen-only mode on the Company's
website under “Event Calendar & Webcasts” in the Investors section and
on Thomson's StreetEvents Network. The conference may also be accessed
by dialing (877) 280-4959 using pass-code “SL Green.”
A replay of the call will be available through July 31, 2014 by dialing
888.286.8010 Domestic or 617.801.6888 International, using pass-code
73321053.
Company Profile
SL Green Realty Corp., New York City's largest office landlord, is a
fully integrated real estate investment trust, or REIT, that is focused
primarily on acquiring, managing and maximizing value of Manhattan
commercial properties. As of June 30, 2014, SL Green held interests in
94 Manhattan buildings totaling 44.9 million square feet. This included
ownership interests in 28.0 million square feet of commercial buildings
and debt and preferred equity investments secured by 16.9 million square
feet of buildings. In addition to its Manhattan investments, SL Green
held ownership interests in 35 suburban buildings totaling 5.9 million
square feet in Brooklyn, Long Island, Westchester County, Connecticut
and New Jersey.
To be added to the Company's distribution list or to obtain the latest
news releases and other Company information, please visit our website at www.slgreen.com
or contact Investor Relations at 212.594.2700.
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss
non-GAAP financial measures as defined by SEC Regulation G. In addition,
the Company has used non-GAAP financial measures in this press release.
A reconciliation of each non-GAAP financial measure and the comparable
GAAP financial measure can be found on pages 11 through 12 of this
release and in the Company’s Supplemental Package.
Forward-looking Statement
This press release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, are forward-looking
statements. Forward-looking statements are not guarantees of future
performance and we caution you not to place undue reliance on such
statements. Forward-looking statements are generally identifiable by the
use of the words "may," "will," "should," "expect," "anticipate,"
"estimate," "believe," "intend," "project," "continue," or the negative
of these words, or other similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are beyond
our control, that may cause our actual results, performance or
achievements to be materially different from future results, performance
or achievements expressed or implied by forward-looking statements made
by us. Factors and risks to our business that could cause actual results
to differ from those contained in the forward-looking statements are
described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or
otherwise.
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SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per share data)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2014
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2013
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2014
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2013
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Revenues:
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|
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Rental revenue, net
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$
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285,234
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$
|
262,743
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|
|
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$
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551,755
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|
|
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$
|
518,560
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Escalation and reimbursement
|
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39,529
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|
|
|
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38,747
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|
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79,912
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|
|
|
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78,551
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Investment and preferred equity income
|
|
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39,714
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|
|
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46,731
|
|
|
|
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93,798
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|
|
|
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99,439
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Other income
|
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22,750
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|
|
|
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5,723
|
|
|
|
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37,331
|
|
|
|
|
11,015
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|
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Total revenues
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387,227
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|
|
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353,944
|
|
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762,796
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|
|
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707,565
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Expenses:
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Operating expenses (including approximately $4,450 and $7,861 (2014)
and $3,953 and $7,842 (2013) of related party expenses)
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70,675
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|
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68,611
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|
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144,160
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139,780
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Real estate taxes
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53,267
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51,749
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108,583
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|
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104,203
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Ground rent
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8,040
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7,930
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16,073
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16,058
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Interest expense, net of interest income
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78,611
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79,551
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156,330
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157,860
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Amortization of deferred financing costs
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5,500
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4,229
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9,357
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8,681
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Depreciation and amortization
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94,838
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81,577
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184,217
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160,200
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Transaction related costs, net of recoveries
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1,697
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1,706
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4,171
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3,085
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Marketing, general and administrative
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23,872
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21,514
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47,128
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42,582
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Total expenses
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336,500
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316,867
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670,019
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632,449
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Income from continuing operations before equity in net income (loss)
from unconsolidated joint ventures, equity in net gain (loss) on
sale of interest in unconsolidated joint venture/real estate, loss
on sale of investment in marketable securities and loss on early
extinguishment of debt
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50,727
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37,077
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92,777
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75,116
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Equity in net income (loss) from unconsolidated joint ventures
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8,619
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(3,761
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)
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14,748
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1,313
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Equity in net gain (loss) on sale of interest in unconsolidated
joint venture/real estate
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1,444
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(3,583
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)
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106,084
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(3,583
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)
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Loss on sale of investment in marketable securities
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—
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(8
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)
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—
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(65
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)
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Purchase price fair value adjustment
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71,446
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(2,305
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)
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71,446
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(2,305
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)
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Loss on early extinguishment of debt
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(1,028
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)
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(10
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)
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(1,025
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)
|
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|
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(18,523
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)
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Income from continuing operations
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131,208
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|
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|
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27,410
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|
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284,030
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|
|
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51,953
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Net income from discontinued operations
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4,389
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3,838
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8,178
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8,519
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Gain on sale of discontinued operations
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114,735
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—
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114,735
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1,113
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Net income
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250,332
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31,248
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406,943
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61,585
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Net income attributable to noncontrolling interests in the Operating
Partnership
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(8,645
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)
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(244
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)
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(13,374
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)
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(799
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)
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Net income attributable to noncontrolling interests in other
partnerships
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(1,843
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)
|
|
|
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(3,004
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)
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(3,333
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)
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(5,905
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)
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Preferred unit distributions
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(565
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)
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(565
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)
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(1,130
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)
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|
|
(1,130
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)
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Net income attributable to SL Green
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|
239,279
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|
|
|
27,435
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|
|
|
|
389,106
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|
|
|
|
53,751
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Preferred stock redemption costs
|
|
|
|
—
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|
(12,160
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)
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|
|
—
|
|
|
|
|
(12,160
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)
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|
Perpetual preferred stock dividends
|
|
|
|
(3,738
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)
|
|
|
|
(6,999
|
)
|
|
|
|
(7,475
|
)
|
|
|
|
(14,406
|
)
|
|
Net income attributable to SL Green common stockholders
|
|
|
$
|
235,541
|
|
|
|
$
|
8,276
|
|
|
|
$
|
381,631
|
|
|
|
$
|
27,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share (Basic)
|
|
|
$
|
2.47
|
|
|
|
$
|
0.09
|
|
|
|
$
|
4.01
|
|
|
|
$
|
0.30
|
|
|
Net income per share (Diluted)
|
|
|
$
|
2.46
|
|
|
|
$
|
0.09
|
|
|
|
$
|
3.99
|
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share (Basic)
|
|
|
$
|
1.63
|
|
|
|
$
|
1.28
|
|
|
|
$
|
3.15
|
|
|
|
$
|
2.44
|
|
|
FFO per share (Diluted)
|
|
|
$
|
1.62
|
|
|
|
$
|
1.27
|
|
|
|
$
|
3.14
|
|
|
|
$
|
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic ownership interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average REIT common shares for net income per share
|
|
|
|
95,455
|
|
|
|
|
91,660
|
|
|
|
|
95,288
|
|
|
|
|
91,530
|
|
|
Weighted average partnership units held by noncontrolling interests
|
|
|
|
3,515
|
|
|
|
|
2,652
|
|
|
|
|
3,339
|
|
|
|
|
2,694
|
|
|
Basic weighted average shares and units outstanding
|
|
|
|
98,970
|
|
|
|
|
94,312
|
|
|
|
|
98,627
|
|
|
|
|
94,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted ownership interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average REIT common share and common share equivalents
|
|
|
|
95,969
|
|
|
|
|
91,884
|
|
|
|
|
95,789
|
|
|
|
|
91,758
|
|
|
Weighted average partnership units held by noncontrolling interests
|
|
|
|
3,515
|
|
|
|
|
2,652
|
|
|
|
|
3,339
|
|
|
|
|
2,694
|
|
|
Diluted weighted average shares and units outstanding
|
|
|
|
99,484
|
|
|
|
|
94,536
|
|
|
|
|
99,128
|
|
|
|
|
94,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
Assets
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Commercial real estate properties, at cost:
|
|
|
|
|
|
|
|
|
|
Land and land interests
|
|
|
$
|
3,466,587
|
|
|
|
$
|
3,032,526
|
|
|
Building and improvements
|
|
|
|
8,843,315
|
|
|
|
|
7,884,663
|
|
|
Building leasehold and improvements
|
|
|
|
1,390,004
|
|
|
|
|
1,366,281
|
|
|
Properties under capital lease
|
|
|
|
27,445
|
|
|
|
|
50,310
|
|
|
|
|
|
|
13,727,351
|
|
|
|
|
12,333,780
|
|
|
Less accumulated depreciation
|
|
|
|
(1,769,428
|
)
|
|
|
|
(1,646,240
|
)
|
|
|
|
|
|
11,957,923
|
|
|
|
|
10,687,540
|
|
|
Assets held for sale
|
|
|
|
339,809
|
|
|
|
|
—
|
|
|
Cash and cash equivalents
|
|
|
|
308,103
|
|
|
|
|
206,692
|
|
|
Restricted cash
|
|
|
|
157,225
|
|
|
|
|
142,051
|
|
|
Investment in marketable securities
|
|
|
|
39,912
|
|
|
|
|
32,049
|
|
|
Tenant and other receivables, net of allowance of $20,026 and
$17,325 in 2014 and 2013, respectively
|
|
|
|
51,844
|
|
|
|
|
60,393
|
|
|
Related party receivables
|
|
|
|
8,915
|
|
|
|
|
8,530
|
|
|
Deferred rents receivable, net of allowance of $27,616 and $30,333
in 2014 and 2013, respectively
|
|
|
|
354,388
|
|
|
|
|
386,508
|
|
|
Debt and preferred equity investments, net of discounts and deferred
origination fees of $14,633 and $18,593 in 2014 and 2013,
respectively, and allowance of $1,000 in 2013
|
|
|
|
1,547,808
|
|
|
|
|
1,304,839
|
|
|
Investments in unconsolidated joint ventures
|
|
|
|
971,926
|
|
|
|
|
1,113,218
|
|
|
Deferred costs, net
|
|
|
|
300,043
|
|
|
|
|
267,058
|
|
|
Other assets
|
|
|
|
679,840
|
|
|
|
|
750,123
|
|
|
Total assets
|
|
|
$
|
16,717,736
|
|
|
|
$
|
14,959,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Mortgages and other loans payable
|
|
|
$
|
5,939,176
|
|
|
|
$
|
4,860,578
|
|
|
Revolving credit facility
|
|
|
|
—
|
|
|
|
|
220,000
|
|
|
Term loan and senior unsecured notes
|
|
|
|
2,127,206
|
|
|
|
|
1,739,330
|
|
|
Accrued interest payable and other liabilities
|
|
|
|
128,730
|
|
|
|
|
114,622
|
|
|
Accounts payable and accrued expenses
|
|
|
|
164,215
|
|
|
|
|
145,889
|
|
|
Deferred revenue
|
|
|
|
223,394
|
|
|
|
|
263,261
|
|
|
Capitalized lease obligations
|
|
|
|
20,635
|
|
|
|
|
47,671
|
|
|
Deferred land leases payable
|
|
|
|
1,044
|
|
|
|
|
22,185
|
|
|
Dividend and distributions payable
|
|
|
|
53,193
|
|
|
|
|
52,255
|
|
|
Security deposits
|
|
|
|
65,166
|
|
|
|
|
61,308
|
|
|
Liabilities related to assets held for sale
|
|
|
|
193,375
|
|
|
|
|
—
|
|
|
Junior subordinate deferrable interest debentures held by trusts
that issued trust preferred securities
|
|
|
|
100,000
|
|
|
|
|
100,000
|
|
|
Total liabilities
|
|
|
|
9,016,134
|
|
|
|
|
7,627,099
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Noncontrolling interest in the Operating Partnership
|
|
|
|
379,805
|
|
|
|
|
265,476
|
|
|
Series G Preferred Units, $25.00 liquidation preference, 1,902
issued and outstanding at both June 30, 2014 and December 31, 2013
|
|
|
|
47,550
|
|
|
|
|
47,550
|
|
|
Series H Preferred Units, $25.00 liquidation preference, 80 issued
and outstanding at both June 30, 2014 and December 31, 2013
|
|
|
|
2,000
|
|
|
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
SL Green Realty Corp. stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Series I Preferred Stock, $0.01 par value, $25.00 liquidation
preference, 9,200 issued and outstanding at both June 30, 2014 and
December 31, 2013
|
|
|
|
221,932
|
|
|
|
|
221,932
|
|
|
Common stock, $0.01 par value 160,000 shares authorized, 99,188 and
98,563 issued and outstanding at June 30, 2014 and December 31,
2013, respectively (including 3,601 and 3,570 shares held in
Treasury at June 30, 2014 and December 31, 2013, respectively)
|
|
|
|
993
|
|
|
|
|
986
|
|
|
Additional paid-in capital
|
|
|
|
5,085,965
|
|
|
|
|
5,015,904
|
|
|
Treasury stock at cost
|
|
|
|
(320,152
|
)
|
|
|
|
(317,356
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
(6,196
|
)
|
|
|
|
(15,211
|
)
|
|
Retained earnings
|
|
|
|
1,797,580
|
|
|
|
|
1,619,150
|
|
|
Total SL Green Realty Corp. stockholders’ equity
|
|
|
|
6,780,122
|
|
|
|
|
6,525,405
|
|
|
Noncontrolling interests in other partnerships
|
|
|
|
492,125
|
|
|
|
|
491,471
|
|
|
Total equity
|
|
|
|
7,272,247
|
|
|
|
|
7,016,876
|
|
|
Total liabilities and equity
|
|
|
$
|
16,717,736
|
|
|
|
$
|
14,959,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
FFO Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to SL Green common stockholders
|
|
|
$
|
235,541
|
|
|
$
|
8,276
|
|
|
|
$
|
381,631
|
|
|
$
|
27,185
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
94,838
|
|
|
|
81,577
|
|
|
|
|
184,217
|
|
|
|
160,200
|
|
|
Discontinued operations depreciation adjustments
|
|
|
|
—
|
|
|
|
2,060
|
|
|
|
|
433
|
|
|
|
4,126
|
|
|
Joint venture depreciation and noncontrolling interest adjustments
|
|
|
|
8,161
|
|
|
|
17,620
|
|
|
|
|
21,148
|
|
|
|
25,148
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
10,488
|
|
|
|
3,248
|
|
|
|
|
16,707
|
|
|
|
6,704
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of discontinued operations
|
|
|
|
114,735
|
|
|
|
—
|
|
|
|
|
114,735
|
|
|
|
1,113
|
|
|
Equity in net gain (loss) on sale of interest in unconsolidated
joint venture/real estate
|
|
|
|
1,444
|
|
|
|
(3,583
|
)
|
|
|
|
106,084
|
|
|
|
(3,583
|
)
|
|
Purchase price fair value adjustment
|
|
|
|
71,446
|
|
|
|
(2,305
|
)
|
|
|
|
71,446
|
|
|
|
(2,305
|
)
|
|
Depreciable real estate reserves, net of recoveries
|
|
|
|
—
|
|
|
|
(2,150
|
)
|
|
|
|
—
|
|
|
|
(2,150
|
)
|
|
Depreciation on non-rental real estate assets
|
|
|
|
503
|
|
|
|
343
|
|
|
|
|
1,017
|
|
|
|
588
|
|
|
Funds From Operations
|
|
|
$
|
160,900
|
|
|
$
|
120,476
|
|
|
|
$
|
310,854
|
|
|
$
|
229,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Properties
|
|
|
|
SL Green’s share of Unconsolidated Joint Ventures
|
|
|
Combined
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Three Months Ended
June 30,
|
|
|
Three Months Ended
June 30,
|
|
Operating income and Same-store NOI
Reconciliation:
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Income from continuing operations before equity in net income (loss)
from unconsolidated joint ventures, equity in net gain (loss) on
sale of interest in unconsolidated joint venture/real estate, loss
on sale of investment in marketable securities, purchase price fair
value adjustment and loss on early extinguishment of debt
|
|
|
|
$
|
50,727
|
|
|
|
$
|
37,077
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income (loss) from unconsolidated joint ventures
|
|
|
|
|
8,619
|
|
|
|
|
(3,761
|
)
|
|
|
|
8,619
|
|
|
|
|
(3,761
|
)
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
94,838
|
|
|
|
|
81,577
|
|
|
|
|
14,928
|
|
|
|
|
26,246
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income
|
|
|
|
|
78,611
|
|
|
|
|
79,551
|
|
|
|
|
15,427
|
|
|
|
|
19,846
|
|
|
|
|
|
|
|
|
Amortization of deferred financing costs
|
|
|
|
|
5,500
|
|
|
|
|
4,229
|
|
|
|
|
832
|
|
|
|
|
2,979
|
|
|
|
|
|
|
|
|
Loss on early extinguishment of debt
|
|
|
|
|
(1,028
|
)
|
|
|
|
(10
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
237,267
|
|
|
|
$
|
198,663
|
|
|
|
$
|
39,806
|
|
|
|
$
|
45,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general & administrative expense
|
|
|
|
|
23,872
|
|
|
|
|
21,514
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Net operating income from discontinued operations
|
|
|
|
|
7,106
|
|
|
|
|
11,955
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Loan loss and other investment reserves, net of recoveries
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Transaction related costs, net of recoveries
|
|
|
|
|
1,697
|
|
|
|
|
1,706
|
|
|
|
|
27
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-building revenue
|
|
|
|
|
(56,988
|
)
|
|
|
|
(49,337
|
)
|
|
|
|
(6,365
|
)
|
|
|
|
(4,172
|
)
|
|
|
|
|
|
|
|
Equity in net (income) loss from unconsolidated joint ventures
|
|
|
|
|
(8,619
|
)
|
|
|
|
3,761
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Loss on early extinguishment of debt
|
|
|
|
|
1,028
|
|
|
|
|
10
|
|
|
|
|
1,787
|
|
|
|
|
-
|
|
|
$
|
|
$
|
|
|
|
Net operating income (NOI)
|
|
|
|
|
205,363
|
|
|
|
|
188,272
|
|
|
|
|
35,255
|
|
|
|
|
41,153
|
|
|
240,618
|
|
|
229,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI from discontinued operations
|
|
|
|
|
(7,106
|
)
|
|
|
|
(11,955
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(7,106
|
)
|
|
|
(11,955
|
)
|
|
NOI from other properties/affiliates
|
|
|
|
|
(24,403
|
)
|
|
|
|
(5,624
|
)
|
|
|
|
(14,605
|
)
|
|
|
|
(23,233
|
)
|
|
|
(39,008
|
)
|
|
|
(28,857
|
)
|
|
Same-Store NOI
|
|
|
|
$
|
173,854
|
|
|
|
$
|
170,693
|
|
|
|
$
|
20,650
|
|
|
|
$
|
17,920
|
|
|
$
|
194,504
|
|
$
|
|
188,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ground lease straight-line adjustment
|
|
|
|
|
400
|
|
|
|
|
221
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
400
|
|
|
|
221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line and free rent
|
|
|
|
|
(15,458
|
)
|
|
|
|
(12,761
|
)
|
|
|
|
(2,377
|
)
|
|
|
|
(2,706
|
)
|
|
|
(17,835
|
)
|
|
|
(15,467
|
)
|
|
Rental income – FAS 141
|
|
|
|
|
(5,939
|
)
|
|
|
|
(7,366
|
)
|
|
|
|
(307
|
)
|
|
|
|
(885
|
)
|
|
|
(6,246
|
)
|
|
|
(8,251
|
)
|
|
Same-store cash NOI
|
|
|
|
$
|
152,857
|
|
|
|
$
|
150,787
|
|
|
|
$
|
17,966
|
|
|
|
$
|
14,329
|
|
|
$
|
170,823
|
|
$
|
|
165,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Properties
|
|
|
|
SL Green’s share of Unconsolidated Joint Ventures
|
|
|
|
Combined
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
Six Months Ended
June 30,
|
|
Operating income and Same-store NOI
Reconciliation:
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
Income from continuing operations before equity in net income from
unconsolidated joint ventures, equity in net gain on sale of
interest in unconsolidated joint venture/real estate, loss on sale
of investment in marketable securities, purchase price fair value
adjustment and loss on early extinguishment of debt
|
|
|
$
|
92,777
|
|
|
|
$
|
75,116
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income from unconsolidated joint ventures
|
|
|
|
14,748
|
|
|
|
|
1,313
|
|
|
|
|
14,748
|
|
|
|
|
1,313
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
184,217
|
|
|
|
|
160,200
|
|
|
|
|
35,085
|
|
|
|
|
42,256
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income
|
|
|
|
156,330
|
|
|
|
|
157,860
|
|
|
|
|
34,130
|
|
|
|
|
39,388
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred financing costs
|
|
|
|
9,357
|
|
|
|
|
8,681
|
|
|
|
|
3,458
|
|
|
|
|
5,341
|
|
|
|
|
|
|
|
|
|
|
Loss on early extinguishment of debt
|
|
|
|
(1,025
|
)
|
|
|
|
(18,523
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
456,404
|
|
|
|
$
|
384,647
|
|
|
|
$
|
87,421
|
|
|
|
$
|
88,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general & administrative expense
|
|
|
|
47,128
|
|
|
|
|
42,582
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net operating income from discontinued operations
|
|
|
|
14,457
|
|
|
|
|
21,718
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Loan loss and other investment reserves, net of recoveries
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Transaction related costs, net of recoveries
|
|
|
|
4,171
|
|
|
|
|
3,085
|
|
|
|
|
100
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-building revenue
|
|
|
|
(118,592
|
)
|
|
|
|
(100,363
|
)
|
|
|
|
(10,170
|
)
|
|
|
|
(8,208
|
)
|
|
|
|
|
|
|
|
|
|
Equity in income from unconsolidated joint ventures
|
|
|
|
(14,748
|
)
|
|
|
|
(1,313
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Loss on early extinguishment of debt
|
|
|
|
1,025
|
|
|
|
|
18,523
|
|
|
|
|
3,382
|
|
|
|
|
-
|
|
|
|
$
|
|
|
|
$
|
|
|
Net operating income (NOI)
|
|
|
|
389,845
|
|
|
|
|
368,879
|
|
|
|
|
80,733
|
|
|
|
|
80,105
|
|
|
|
470,578
|
|
|
|
448,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI from discontinued operations
|
|
|
|
(14,457
|
)
|
|
|
|
(21,718
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(14,457
|
)
|
|
|
|
(21,718
|
)
|
|
NOI from other properties/affiliates
|
|
|
|
(39,605
|
)
|
|
|
|
(11,774
|
)
|
|
|
|
(39,746
|
)
|
|
|
|
(46,656
|
)
|
|
|
|
(79,351
|
)
|
|
|
|
(58,430
|
)
|
|
Same-Store NOI
|
|
|
$
|
335,783
|
|
|
|
$
|
335,387
|
|
|
|
$
|
40,987
|
|
|
|
$
|
33,449
|
|
|
|
$
|
376,770
|
|
|
|
$
|
368,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ground lease straight-line adjustment
|
|
|
|
801
|
|
|
|
|
640
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
801
|
|
|
|
|
640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line and free rent
|
|
|
|
(28,197
|
)
|
|
|
|
(26,215
|
)
|
|
|
|
(5,630
|
)
|
|
|
|
(4,425
|
)
|
|
|
|
(33,827
|
)
|
|
|
|
(30,640
|
)
|
|
Rental income – FAS 141
|
|
|
|
(11,544
|
)
|
|
|
|
(12,516
|
)
|
|
|
|
(686
|
)
|
|
|
|
(1,244
|
)
|
|
|
|
(12,230
|
)
|
|
|
|
(13,760
|
)
|
|
Same-store cash NOI
|
|
|
$
|
296,843
|
|
|
|
$
|
297,296
|
|
|
|
$
|
34,671
|
|
|
|
$
|
27,780
|
|
|
|
$
|
331,514
|
|
|
|
$
|
325,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SL GREEN REALTY CORP.
SELECTED OPERATING DATA-UNAUDITED
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
Manhattan Operating Data: (1)
|
|
|
|
|
|
|
|
Net rentable area at end of period (in 000’s)
|
|
|
|
21,905
|
|
|
|
|
24,282
|
|
|
Portfolio percentage leased at end of period
|
|
|
|
94.4
|
%
|
|
|
|
93.6
|
%
|
|
Same-Store percentage leased at end of period
|
|
|
|
93.6
|
%
|
|
|
|
92.7
|
%
|
|
Number of properties in operation
|
|
|
|
30
|
|
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
Office square feet where leases commenced during quarter (rentable)
|
|
|
|
314,938
|
|
|
|
|
649,425
|
|
|
Average mark-to-market percentage-office
|
|
|
|
0.5
|
%
|
|
|
|
5.0
|
%
|
|
Average starting cash rent per rentable square foot-office
|
|
|
$
|
54.18
|
|
|
|
$
|
56.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes wholly-owned and joint venture properties.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014