Published: July 27, 2009
SL Green Realty Corp. Reports Second Quarter 2009 FFO of $1.20 Per Share and EPS of $0.18 Per Share
NEW YORK - (BUSINESS WIRE) - SL Green Realty Corp. (NYSE: SLG):
Quarterly Highlights
-
Second quarter FFO totaled $1.20 per share (diluted) compared to
$1.92 per share (diluted) for the second quarter of 2008. The results
for the quarter ended June 30, 2008 include incentive distributions of
approximately $31.6 million, or $0.52 per share (diluted).
-
Net income per share for the second quarter of 2009 totaled $0.18
per share (diluted) compared to $2.29 per share (diluted) in the same
period in the prior year. The results for the quarter ended June 30,
2008 include a gain on sale of $1.53 per share (diluted) from the sale
of 1250 Broadway and incentive distributions of approximately $31.6
million, or $0.52 per share (diluted).
-
Raised gross proceeds of approximately $405.7 million from the
issuance of 19,550,000 shares of the Company's common stock and ended
the quarter with approximately $676.8 million of cash on hand.
-
Repurchased approximately $305.7 million of the Company's unsecured
notes and exchangeable bonds since April 1, 2009, realizing gains on
early extinguishment of debt aggregating approximately $30.2 million.
Since October 2008, the Company has repurchased approximately $732.3
million of its debt for approximately $532.7 million, which resulted
in gains on early extinguishment of approximately $155.2 million.
-
Maintained Manhattan occupancy rate at 96.2% with increases in
occupancy at 100 Park Avenue, 1350 Avenue of the Americas and 485
Lexington Avenue.
-
Signed 29 Manhattan office leases totaling 328,780 square feet with
average starting rents of $51.10 per rentable square foot during the
second quarter. Average Manhattan office starting rents increased by
27.3% on these leases over previously fully escalated rents.
-
Recognized combined same-store GAAP NOI growth of 2.1% for the
second quarter, including 2.3% from the consolidated same-store
properties and 1.9% from the unconsolidated joint venture same-store
properties. For the first six months of 2009, combined same-store GAAP
NOI growth was 2.3%, including 2.1% from the consolidated same-store
properties and 3.0% from the unconsolidated joint venture same-store
properties.
-
Closed on a $40.0 million upsize to our financing secured by 625
Madison Avenue. The amortizing loan, which is co-terminus with the
existing mortgage, resulted in a blended fixed interest rate of 7.22%
on the combined $136.4 million loan.
-
Purchased a sub-leasehold position at 420 Lexington Avenue for
approximately $7.7 million.
-
Generated $58.5 million in net proceeds from the sale of a
structured finance investment, reducing total structured finance
balances at June 30, 2009 to approximately $608.3 million.
-
Sold the Company's partnership interests in 55 Corporate Drive, NJ
(pad IV) and the Mack-Green joint venture for approximately $5.0
million. This sale resulted in a gain on sale of approximately $4.0
million, the recognition of a deferred incentive fee of approximately
$4.8 million in connection with our original Bellemead investment, and
the elimination of our share of the joint venture mortgage financing
of $49.0 million.
-
Acquired a $11.7 million controlling interest in a mortgage secured
by a New York City property with an expected yield to maturity of
13.0%.
Summary
SL Green Realty Corp. (NYSE: SLG) today reported funds from operations,
or FFO, of $83.5 million, or $1.20 per share (diluted), for the quarter
ended June 30, 2009, a decrease of 28.7% compared to $117.1 million, or
$1.92 per share (diluted), for the same quarter in 2008. The results for
the quarter ended June 30, 2008 include incentive distributions of
approximately $31.6 million, or $0.52 per share (diluted).
Net income attributable to common stockholders totaled $12.6 million, or
$0.18 per share (diluted), for the quarter ended June 30, 2009, compared
to $134.2 million, or $2.29 per share (diluted), for the same quarter in
2008. The results for the quarter ended June 30, 2008 include a gain on
sale of $1.53 per share (diluted) from the sale of 1250 Broadway and
incentive distributions of approximately $31.6 million, or $0.52 per
share (diluted).
Operating and Leasing Activity
For the second quarter of 2009, the Company reported revenues and EBITDA
of $253.0 million and $138.4 million, respectively, a decrease of $37.8
million, or 13.0%, and $44.4 million, or 24.3%, respectively, compared
to the same period in 2008. The decrease is primarily due to the
recognition of approximately $31.6 million of incentive distributions in
2008.
Same-store GAAP NOI on a combined basis increased by 2.1% for the second
quarter when compared to the same quarter in 2008, with the consolidated
properties increasing 2.3% to $130.0 million and the unconsolidated
joint venture properties increasing 1.9% to $53.0 million. For the first
six months of 2009, combined same-store GAAP NOI growth was 2.3%,
including 2.1% from the consolidated same-store properties and 3.0% from
the unconsolidated joint venture same-store properties.
Occupancy for the Manhattan portfolio at June 30, 2009 was 96.2%, the
same as at March 31, 2009. During the quarter, the Company signed or
commenced 34 leases in the Manhattan portfolio totaling 336,989 square
feet, of which 29 leases and 328,780 square feet represented office
leases. Average starting Manhattan office rents of $51.10 per rentable
square foot on the 328,780 square feet of leases signed or commenced
during the second quarter represented a 27.3% increase over the
previously fully escalated rents. The average lease term was 10.9 years
and average tenant concessions were 4.0 months of free rent with a
tenant improvement allowance of $53.68 per rentable square foot.
Average starting Suburban office rents of $31.34 per rentable square
foot for the second quarter represented a 0.8% increase over the
previously fully escalated rents. Occupancy for the Suburban portfolio
was 90.3% at June 30, 2009 compared to 90.4% at March 31, 2009. During
the quarter, the Company signed 24 leases in the Suburban portfolio
totaling 164,008 square feet, of which 22 leases and 160,975 square feet
represented office leases.
During the quarter, the Company had solid leasing activity at 100 Park
Avenue, 485 Lexington Avenue, 750 Third Avenue, all in New York City,
and 360 Hamilton Avenue and 1 and 2 Jericho Plaza in the suburbs.
Significant leasing activities during the second quarter included:
-
New lease with The Segal Company for approximately 144,296 square feet
at 333 West 34th Street.
-
New lease with Aetna Life Insurance Company for approximately 40,139
square feet at 100 Park Avenue.
-
New lease with Fox Interactive Media Inc. for approximately 38,756
square feet at 485 Lexington Avenue.
-
New lease with Eisner LLP for approximately 33,981 square feet at 750
Third Avenue.
-
New lease with Wells Fargo Trade Capital Services for approximately
12,293 square feet at 100 Park Avenue.
-
Early renewal with AboveNet.com for approximately 31,718 square feet
at 360 Hamilton Avenue.
Marketing, general and administrative, or MG&A, expenses for the quarter
ended June 30, 2009 was approximately $17.9 million, which is consistent
with the first quarter's results. The Company is on pace to realize a
30.0% MG&A savings in 2009 when compared to 2008.
Real Estate Investment Activity
In April 2009, the Company sold its partnership interests in 55
Corporate Drive, NJ (pad IV) and the Mack-Green joint venture to
Mack-Cali Realty Corporation (NYSE: CLI) for $5.0 million. This sale
resulted in a gain on sale of approximately $4.0 million, the
recognition of a deferred incentive fee of approximately $4.8 million in
connection with our original Bellemead investment, and the elimination
of our share of joint venture mortgage financing of $49.0 million.
Financing and Capital Activity
In May 2009, the Company completed a public offering of 19,550,000
shares of its common stock at $20.75 per share. Proceeds from this
offering, net of underwriting discounts and commissions, (approximately
$387.3 million) will be used for general corporate and/or working
capital purposes which may include investment opportunities, purchases
of the indebtedness of our subsidiaries in the open market from time to
time, and the repayment of indebtedness at the applicable maturity or
put date.
The Company repurchased approximately $305.7 million of its debt since
April 1, 2009, including approximately $290.6 million of exchangeable
bonds, realizing gains on early extinguishment of debt aggregating
approximately $30.2 million. Approximately $8.0 million face amount of
these repurchases occurred during July 2009 and, accordingly,
approximately $0.8 million of these gains will be recognized during the
third quarter of 2009.
In July 2009, the Company closed on a $40.0 million upsize to our
financing secured by 625 Madison Avenue. The amortizing loan, which is
co-terminus with the existing mortgage, resulted in a blended fixed
interest rate of 7.22% on the combined $136.4 million loan.
Structured Finance Activity
The Company's structured finance investments totaled approximately
$534.5 million at June 30, 2009 (excluding approximately $73.8 million
of structured finance investments which were classified as held for sale
at June 30, 2009), a decrease of approximately $145.3 million from the
balance at December 31, 2008. During the second quarter, the Company
acquired a $11.7 million controlling interest in a mortgage secured by a
New York City property with an expected yield to maturity of
approximately 13.0%. During the second quarter, the Company sold
approximately $96.8 million of structured finance investments, which
generated approximately $58.5 million in net proceeds to the Company.
During the second quarter of 2009, the Company recorded approximately
$45.6 million in additional loan loss reserves, inclusive of a $38.5
million charge off, against its structured finance investments. The
structured finance investments currently have a weighted average
maturity of 4.0 years and a weighted average yield for the quarter ended
June 30, 2009 of 9.7%, exclusive of loans totaling $96.1 million which
are on non-accrual status.
Dividends
During the second quarter of 2009, the Company declared quarterly
dividends on its outstanding common and preferred stock as follows:
-
$0.10 per share of common stock. Dividends were paid on July 15, 2009
to stockholders of record on the close of business on June 30, 2009.
-
$0.4766 and $0.4922 per share on the Company's Series C and D
Preferred Stock, respectively, for the period April 15, 2009 through
and including July 14, 2009. Dividends were paid on July 15, 2009 to
stockholders of record on the close of business on June 30, 2009, and
reflect regular quarterly dividends, which are the equivalent of
annualized dividend of $1.90625 and $1.96875, respectively.
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 web cast on
Tuesday, July 28, 2009 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 of
the website and on Thomson's StreetEvents Network. The conference call
may also be accessed by dialing 866.383.8009 Domestic or 617.597.5342
International, using pass-code "SL Green."
A replay of the call will be available through August 4, 2009 by dialing
888.286.8010 Domestic or 617.801.6888 International, using pass-code
61611632.
Supplemental Information
The Supplemental Package outlining the Company's second quarter 2009
financial results will be available prior to the quarterly conference
call on the Company's website.
Company Profile
SL Green Realty Corp. is a self-administered and self-managed real
estate investment trust, or REIT, that predominantly acquires, owns,
repositions and manages Manhattan office properties. The Company is the
only publicly held REIT that specializes in this niche. As of June 30,
2009, the Company owned interests in 29 New York City office properties
totaling approximately 23,211,200 square feet, making it New York's
largest office landlord. In addition, at June 30, 2009, SL Green held
investment interests in, among other things, eight retail properties
encompassing approximately 400,212 square feet, three development
properties encompassing approximately 399,800 square feet and two land
interests, along with ownership interests in 32 suburban assets totaling
6,949,700 square feet in Brooklyn, Queens, 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 212-216-1601.
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 page 9 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, including such matters as
future capital expenditures, dividends and acquisitions (including the
amount and nature thereof), development trends of the real estate
industry and the Manhattan, Westchester County, Connecticut, Long Island
and New Jersey office markets, business strategies, expansion and growth
of our operations and other similar matters, are forward-looking
statements. These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions, expected future
developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance
and actual results or developments may materially differ, 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 which 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. These risks and
uncertainties include the effect of the credit crisis on general
economic, business and financial conditions, and on the New York Metro
real estate market in particular; dependence upon certain geographic
markets; risks of real estate acquisitions, dispositions and
developments, including the cost of construction delays and cost
overruns; risks relating to structured finance investments; availability
and creditworthiness of prospective tenants and borrowers; bankruptcy or
insolvency of a major tenant or a significant number of smaller tenants;
adverse changes in the real estate markets, including reduced demand for
office space, increasing vacancy, and increasing availability of
sublease space; availability of capital (debt and equity); unanticipated
increases in financing and other costs, including a rise in interest
rates; our ability to comply with financial covenants in our debt
instruments; our ability to maintain our status as a REIT; risks of
investing through joint venture structures, including the fulfillment by
our partners of their financial obligations; the continuing threat of
terrorist attacks, in particular in the New York Metro area and on our
tenants; our ability to obtain adequate insurance coverage at a
reasonable cost and the potential for losses in excess of our insurance
coverage, including as a result of environmental contamination; and
legislative, regulatory and/or safety requirements adversely affecting
REITs and the real estate business, including costs of compliance with
the Americans with Disabilities Act, the Fair Housing Act and other
similar laws and regulations.
Other factors and risks to our business, many of which are beyond our
control, 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.
|
SL GREEN REALTY CORP.
|
|
STATEMENTS OF OPERATIONS-UNAUDITED
|
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue, net
|
|
$
|
192,735
|
|
|
$
|
192,575
|
|
|
$
|
389,203
|
|
|
$
|
386,416
|
|
|
Escalations & reimbursement revenues
|
|
|
31,534
|
|
|
|
30,007
|
|
|
|
65,292
|
|
|
|
59,966
|
|
|
Preferred equity and investment income
|
|
|
15,533
|
|
|
|
22,654
|
|
|
|
32,431
|
|
|
|
41,801
|
|
|
Other income
|
|
|
13,166
|
|
|
|
45,486
|
|
|
|
29,447
|
|
|
|
55,990
|
|
|
Total revenues
|
|
|
252,968
|
|
|
|
290,722
|
|
|
|
516,373
|
|
|
|
544,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net income from unconsolidated joint ventures
|
|
|
16,828
|
|
|
|
17,822
|
|
|
|
29,901
|
|
|
|
37,247
|
|
|
Gain on early extinguishment of debt
|
|
|
29,321
|
|
|
|
---
|
|
|
|
77,033
|
|
|
|
---
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
52,441
|
|
|
|
54,744
|
|
|
|
107,923
|
|
|
|
108,415
|
|
|
Ground rent
|
|
|
8,046
|
|
|
|
7,826
|
|
|
|
16,092
|
|
|
|
16,075
|
|
|
Real estate taxes
|
|
|
36,751
|
|
|
|
32,760
|
|
|
|
73,700
|
|
|
|
65,284
|
|
|
Loan loss reserves
|
|
|
45,577
|
|
|
|
5,000
|
|
|
|
107,577
|
|
|
|
5,000
|
|
|
Marketing, general and administrative
|
|
|
17,946
|
|
|
|
25,434
|
|
|
|
35,868
|
|
|
|
49,893
|
|
|
Total expenses
|
|
|
160,761
|
|
|
|
125,764
|
|
|
|
341,160
|
|
|
|
244,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest, Depreciation and Amortization (EBITDA)
|
|
|
138,356
|
|
|
|
182,780
|
|
|
|
282,147
|
|
|
|
336,753
|
|
|
Interest expense, net of interest income
|
|
|
57,012
|
|
|
|
73,604
|
|
|
|
117,276
|
|
|
|
149,650
|
|
|
Amortization of deferred financing costs
|
|
|
1,476
|
|
|
|
1,538
|
|
|
|
2,912
|
|
|
|
3,171
|
|
|
Depreciation and amortization
|
|
|
55,186
|
|
|
|
54,685
|
|
|
|
109,984
|
|
|
|
108,119
|
|
|
Loss (gain) on equity investment in marketable securities
|
|
|
(126
|
)
|
|
|
---
|
|
|
|
681
|
|
|
|
---
|
|
|
Net income from Continuing Operations
|
|
|
24,808
|
|
|
|
52,953
|
|
|
|
51,294
|
|
|
|
75,813
|
|
|
Income (loss) from Discontinued Operations
|
|
|
(538
|
)
|
|
|
1,566
|
|
|
|
(604
|
)
|
|
|
2,931
|
|
|
Gain on sale of Discontinued Operations
|
|
|
---
|
|
|
|
---
|
|
|
|
6,572
|
|
|
|
110,232
|
|
|
Net gain on sale of interest in unconsolidated joint venture/ real
estate
|
|
|
(2,693
|
)
|
|
|
93,481
|
|
|
|
6,848
|
|
|
|
93,481
|
|
|
Net income
|
|
|
21,577
|
|
|
|
148,000
|
|
|
|
64,110
|
|
|
|
282,457
|
|
|
Net income attributable to noncontrolling interests
|
|
|
(4,065
|
)
|
|
|
(8,840
|
)
|
|
|
(8,862
|
)
|
|
|
(17,050
|
)
|
|
Net income attributable to SL Green Realty Corp.
|
|
|
17,512
|
|
|
|
139,160
|
|
|
|
55,248
|
|
|
|
265,407
|
|
|
Preferred stock dividends
|
|
|
(4,969
|
)
|
|
|
(4,969
|
)
|
|
|
(9,938
|
)
|
|
|
(9,938
|
)
|
|
Net income attributable to common stockholders
|
|
$
|
12,543
|
|
|
$
|
134,191
|
|
|
$
|
45,310
|
|
|
$
|
255,469
|
|
|
Earnings Per Share (EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share (Basic)
|
|
$
|
0.19
|
|
|
$
|
2.30
|
|
|
$
|
0.73
|
|
|
$
|
4.37
|
|
|
Net income per share (Diluted)
|
|
$
|
0.18
|
|
|
$
|
2.29
|
|
|
$
|
0.73
|
|
|
$
|
4.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share (Basic)
|
|
$
|
1.20
|
|
|
$
|
1.93
|
|
|
$
|
2.66
|
|
|
$
|
3.30
|
|
|
FFO per share (Diluted)
|
|
$
|
1.20
|
|
|
$
|
1.92
|
|
|
$
|
2.65
|
|
|
$
|
3.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic ownership interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average REIT common shares for net income per share
|
|
|
67,363
|
|
|
|
58,329
|
|
|
|
62,298
|
|
|
|
58,406
|
|
|
Weighted average partnership units held by noncontrolling interests
|
|
|
2,336
|
|
|
|
2,340
|
|
|
|
2,338
|
|
|
|
2,340
|
|
|
Basic weighted average shares and units outstanding for FFO per share
|
|
|
69,699
|
|
|
|
60,669
|
|
|
|
64,636
|
|
|
|
60,746
|
|
|
Diluted ownership interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average REIT common share and common share equivalents
|
|
|
67,406
|
|
|
|
58,674
|
|
|
|
62,341
|
|
|
|
58,780
|
|
|
Weighted average partnership units held by noncontrolling interests
|
|
|
2,336
|
|
|
|
2,340
|
|
|
|
2,338
|
|
|
|
2,340
|
|
|
Diluted weighted average shares and units outstanding
|
|
|
69,742
|
|
|
|
61,014
|
|
|
|
64,679
|
|
|
|
61,120
|
|
|
SL GREEN REALTY CORP.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2009
|
|
December 31,
2008
|
|
Assets
|
|
|
(Unaudited)
|
|
|
|
|
Commercial real estate properties, at cost:
|
|
|
|
|
|
|
|
Land and land interests
|
|
$
|
1,385,182
|
|
|
$
|
1,386,090
|
|
|
Buildings and improvements
|
|
|
5,560,966
|
|
|
|
5,544,019
|
|
|
Building leasehold and improvements
|
|
|
1,268,022
|
|
|
|
1,259,472
|
|
|
Property under capital lease
|
|
|
12,208
|
|
|
|
12,208
|
|
|
|
|
|
8,226,378
|
|
|
|
8,201,789
|
|
|
Less accumulated depreciation
|
|
|
(635,415
|
)
|
|
|
(546,545
|
)
|
|
|
|
|
7,590,963
|
|
|
|
7,655,244
|
|
|
Assets held for sale, net
|
|
|
76,657
|
|
|
|
184,035
|
|
|
Cash and cash equivalents
|
|
|
676,768
|
|
|
|
726,889
|
|
|
Restricted cash
|
|
|
87,154
|
|
|
|
105,954
|
|
|
Tenant and other receivables, net of allowance of $14,508 and
$16,898 in 2009 and 2008, respectively
|
|
|
31,666
|
|
|
|
30,882
|
|
|
Related party receivables
|
|
|
9,519
|
|
|
|
7,676
|
|
|
Deferred rents receivable, net of allowance of $22,382 and $19,648
in 2009 and 2008, respectively
|
|
|
156,685
|
|
|
|
145,561
|
|
|
Structured finance investments, net of discount of $14,308 and
$18,764 and allowance of $71,666 and none in
2009 and 2008,
respectively
|
|
|
534,518
|
|
|
|
679,814
|
|
|
Investments in unconsolidated joint ventures
|
|
|
978,340
|
|
|
|
975,483
|
|
|
Deferred costs, net
|
|
|
135,520
|
|
|
|
133,052
|
|
|
Other assets
|
|
|
317,260
|
|
|
|
339,763
|
|
|
Total assets
|
|
$
|
10,595,050
|
|
|
$
|
10,984,353
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Mortgage notes payable
|
|
$
|
2,570,085
|
|
|
$
|
2,591,358
|
|
|
Revolving credit facility
|
|
|
1,419,500
|
|
|
|
1,389,067
|
|
|
Senior unsecured notes
|
|
|
873,046
|
|
|
|
1,501,134
|
|
|
Accrued interest and other liabilities
|
|
|
38,177
|
|
|
|
70,692
|
|
|
Accounts payable and accrued expenses
|
|
|
125,267
|
|
|
|
133,100
|
|
|
Deferred revenue/gain
|
|
|
376,143
|
|
|
|
427,936
|
|
|
Capitalized lease obligation
|
|
|
16,791
|
|
|
|
16,704
|
|
|
Deferred land lease payable
|
|
|
17,831
|
|
|
|
17,650
|
|
|
Dividend and distributions payable
|
|
|
12,014
|
|
|
|
26,327
|
|
|
Security deposits
|
|
|
36,737
|
|
|
|
34,561
|
|
|
Liabilities related to assets held for sale
|
|
|
---
|
|
|
|
106,534
|
|
|
Junior subordinate deferrable interest debentures held by
trusts that issued trust preferred securities
|
|
|
100,000
|
|
|
|
100,000
|
|
|
Total liabilities
|
|
|
5,585,591
|
|
|
|
6,415,063
|
|
|
Commitments and contingencies
|
|
|
---
|
|
|
|
---
|
|
|
Noncontrolling interest in operating partnership
|
|
|
89,035
|
|
|
|
87,330
|
|
|
Equity
|
|
|
|
|
|
|
|
SL Green Realty Corp. stockholders' equity
|
|
|
|
|
|
|
|
7.625% Series C perpetual preferred shares, $0.01 par value,
$25.00 liquidation preference, 6,300 issued and
outstanding
at June 30, 2009 and December 31, 2008, respectively
|
|
|
151,981
|
|
|
|
151,981
|
|
|
7.875% Series D perpetual preferred shares, $0.01 par value,
$25.00 liquidation preference, 4,000 issued and
outstanding
at June 30, 2009 and December 31, 2008, respectively
|
|
|
96,321
|
|
|
|
96,321
|
|
|
Common stock, $0.01 par value 160,000 shares authorized, 80,180
and 60,404 issued and outstanding at June
30, 2009 and
December 31, 2008, respectively (inclusive of 3,360 shares held in
Treasury at both June 30,
2009 and December 31, 2008)
|
|
|
802
|
|
|
|
604
|
|
|
Additional paid-in capital
|
|
|
3,481,518
|
|
|
|
3,079,159
|
|
|
Treasury stock-at cost
|
|
|
(302,705
|
)
|
|
|
(302,705
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(32,285
|
)
|
|
|
(54,747
|
)
|
|
Retained earnings
|
|
|
996,051
|
|
|
|
979,939
|
|
|
Total SL Green Realty Corp. stockholders' equity
|
|
|
4,391,683
|
|
|
|
3,950,552
|
|
|
Noncontrolling interests in other partnerships
|
|
|
528,741
|
|
|
|
531,408
|
|
|
Total equity
|
|
|
4,920,424
|
|
|
|
4,481,960
|
|
|
Total liabilities and equity
|
|
$
|
10,595,050
|
|
|
$
|
10,984,353
|
|
|
SL GREEN REALTY CORP.
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
FFO Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders
|
|
$
|
12,543
|
|
|
$
|
134,191
|
|
|
$
|
45,310
|
|
|
$
|
255,469
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
55,186
|
|
|
|
54,685
|
|
|
|
109,984
|
|
|
|
108,119
|
|
|
Discontinued operations depreciation adjustments
|
|
|
---
|
|
|
|
1,715
|
|
|
|
---
|
|
|
|
4,219
|
|
|
Joint venture depreciation and noncontrolling interest adjustments
|
|
|
9,322
|
|
|
|
11,381
|
|
|
|
20,587
|
|
|
|
19,556
|
|
|
Net income attributable to noncontrolling interests
|
|
|
4,065
|
|
|
|
8,840
|
|
|
|
8,862
|
|
|
|
17,050
|
|
|
Loss (gain) on equity investment in marketable securities
|
|
|
(126
|
)
|
|
|
---
|
|
|
|
681
|
|
|
|
---
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of discontinued operations
|
|
|
---
|
|
|
|
---
|
|
|
|
6,572
|
|
|
|
110,232
|
|
|
Equity in net gain (loss) on sale of joint venture property/real
estate
|
|
|
(2,693
|
)
|
|
|
93,481
|
|
|
|
6,848
|
|
|
|
93,481
|
|
|
Depreciation on non-rental real estate assets
|
|
|
170
|
|
|
|
234
|
|
|
|
374
|
|
|
|
456
|
|
|
Funds from Operations
|
|
$
|
83,513
|
|
|
$
|
117,097
|
|
|
$
|
171,630
|
|
|
$
|
200,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Earnings before interest,
depreciation and amortization (EBITDA):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
$
|
138,356
|
|
|
$
|
182,780
|
|
|
$
|
282,147
|
|
|
$
|
336,753
|
|
|
Marketing, general & administrative expense
|
|
|
17,946
|
|
|
|
25,434
|
|
|
|
35,868
|
|
|
|
49,893
|
|
|
Operating income from discontinued operations
|
|
|
(43
|
)
|
|
|
2,675
|
|
|
|
530
|
|
|
|
5,845
|
|
|
Loan loss reserves
|
|
|
45,577
|
|
|
|
5,000
|
|
|
|
107,577
|
|
|
|
5,000
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-building revenue
|
|
|
(24,644
|
)
|
|
|
(60,376
|
)
|
|
|
(50,366
|
)
|
|
|
(82,960
|
)
|
|
Gain on early extinguishment of debt
|
|
|
(29,321
|
)
|
|
|
---
|
|
|
|
(77,033
|
)
|
|
|
---
|
|
|
Equity in net income from joint ventures
|
|
|
(16,828
|
)
|
|
|
(17,822
|
)
|
|
|
(29,901
|
)
|
|
|
(37,247
|
)
|
|
GAAP net operating income (GAAP NOI)
|
|
|
131,043
|
|
|
|
137,691
|
|
|
|
268,822
|
|
|
|
277,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income from discontinued operations
|
|
|
43
|
|
|
|
(2,675
|
)
|
|
|
(530
|
)
|
|
|
(5,845
|
)
|
|
GAAP NOI from other properties/affiliates
|
|
|
(1,132
|
)
|
|
|
(7,946
|
)
|
|
|
(10,736
|
)
|
|
|
(19,091
|
)
|
|
Same-Store GAAP NOI
|
|
$
|
129,954
|
|
|
$
|
127,070
|
|
|
$
|
257,556
|
|
|
$
|
252,348
|
|
|
SL GREEN REALTY CORP.
|
|
SELECTED OPERATING DATA-UNAUDITED
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
2009
|
|
2008
|
|
Manhattan Operating Data: (1)
|
|
|
|
|
|
Net rentable area at end of period (in 000's)
|
|
|
23,211
|
|
|
|
23,719
|
|
|
Portfolio percentage leased at end of period
|
|
|
96.2
|
%
|
|
|
96.7
|
%
|
|
Same-Store percentage leased at end of period
|
|
|
96.2
|
%
|
|
|
95.7
|
%
|
|
Number of properties in operation
|
|
|
29
|
|
|
|
30
|
|
|
|
|
|
|
|
|
Office square feet leased during quarter (rentable)
|
|
|
328,780
|
|
|
|
431,345
|
|
|
Average mark-to-market percentage-office
|
|
|
27.3
|
%
|
|
|
53.5
|
%
|
|
Average starting cash rent per rentable square foot-office
|
|
$
|
51.10
|
|
|
$
|
65.89
|
|
(1) Includes wholly owned and joint venture properties.
SL Green Realty Corp.
Gregory F. Hughes
Chief Operating
Officer and
Chief Financial Officer
or
Heidi Gillette
Investor
Relations
212-594-2700
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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