SL Green Realty Corp.
Jan 25, 2017
PDF

SL Green Realty Corp. Reports Fourth Quarter and Full Year 2016 EPS of $0.44 and $2.34 Per Share; and FFO of $1.43 and $8.29 Per Share

NEW YORK--(BUSINESS WIRE)-- SL Green Realty Corp. (NYSE:SLG):

Financial and Operating Highlights

Investing Highlights

Financing Highlights

Summary

SL Green Realty Corp. (the "Company") (NYSE:SLG) today reported net income attributable to common stockholders for the quarter ended December 31, 2016 of $44.0 million, or $0.44 per share as compared to net income attributable to common stockholders of $101.3 million, or $1.01 per share for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended December 31, 2016 includes $27.8 million, or $0.26 per share, of net gains recognized from the sale of real estate as compared to $57.3 million, or $0.55 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments for the same quarter in 2015.

The Company also reported net income attributable to common stockholders for the year ended December 31, 2016 of $234.9 million, or $2.34 per share as compared to net income attributable to common stockholders of $269.1 million, or $2.70 per share for the same period in 2015.

The Company reported funds from operations, or FFO, for the quarter ended December 31, 2016 of $150.8 million, or $1.43 per share, net of transaction related costs of $1.6 million, or $0.02 per share, as compared to FFO for the same period in 2015 of $167.2 million, or $1.61 per share, net of transaction related costs of $1.4 million, or $0.01 per share.

The Company also reported FFO for the year ended December 31, 2016 of $869.9 million, or $8.29 per share, net of transaction related costs of $10.6 million, or $0.10 per share, as compared to FFO for the same period in 2015 of $661.8 million, or $6.38 per share, net of transaction related costs of $11.5 million, or $0.11 per share.

FFO for the current year includes a lease termination fee of $94.0 million, or $0.90 per share, and a write-off of accounting related balances of $75.3 million, of $0.72 per share, related to the early lease termination and sale of 388-390 Greenwich Street to Citigroup, Inc. ("Citi"). FFO for the current year also includes $41.1 million, or $0.39 per share, of additional income related to the recapitalization of a debt investment, as well as promote income of $10.8 million, or $0.10 per share, related to the sale of 33 Beekman Street, offset by $17.4 million, or $0.17 per share, of accounting write-offs related to space previously leased to Aeropostale at 1515 Broadway.

All per share amounts in this press release are presented on a diluted basis.

Operating and Leasing Activity

For the quarter ended December 31, 2016, the Company reported consolidated revenues and operating income of $374.2 million and $199.5 million, respectively, compared to $425.4 million and $259.6 million, respectively, for the same period in 2015. For the year ended December 31, 2016, the Company reported consolidated revenues and operating income of $1.9 billion and $1.2 billion, respectively, compared to $1.7 billion and $1.0 billion, respectively, for the same period in 2015.

Same-store cash NOI on a combined basis increased by 5.5% to $185.3 million for the quarter ended December 31, 2016 as compared to the same period in 2015. For the quarter, consolidated property same-store cash NOI increased by 5.2% to $164.6 million and unconsolidated joint venture property same-store cash NOI increased by 8.0% to $20.6 million in 2016 as compared to the same period in 2015.

Same-store cash NOI on a combined basis increased by 6.0% to $720.0 million for the year ended December 31, 2016 as compared to $679.4 million for the same period in 2015. For the year ended December 31, 2016, consolidated property same-store cash NOI increased by 5.9% to $640.8 million and unconsolidated joint venture property same-store cash NOI increased by 6.7% to $79.2 million, as compared to the same period in 2015.

During the fourth quarter, the Company signed 31 office leases in its Manhattan portfolio totaling 414,977 square feet. Nineteen leases comprising 202,839 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 $76.12 per rentable square foot, representing a 18.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the fourth quarter was 8.6 years and average tenant concessions were 6.8 months of free rent with a tenant improvement allowance of $64.79 per rentable square foot.

During the year ended December 31, 2016, the Company signed 169 office leases in its Manhattan portfolio totaling 3,168,231 square feet. One hundred twenty-seven leases comprising 2,624,060 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 $71.48 per rentable square foot, representing a 27.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the year ended December 31, 2016 2016 was 11.9 years and average tenant concessions were 4.5 months of free rent with a tenant improvement allowance of $48.16 per rentable square foot.

Same-store occupancy for the Company's Manhattan portfolio was 97.1% at December 31, 2016, inclusive of 244,337 square feet of leases signed but not yet commenced as compared to 97.2% at December 31, 2015 and 97.5% at September 30, 2016.

During the fourth quarter, the Company signed 20 office leases in its Suburban portfolio totaling 81,522 square feet. Twelve leases comprising the remaining 56,804 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 $36.42 per rentable square foot, representing a 10.9% increase 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 5.3 years and average tenant concessions were 3.5 months of free rent with a tenant improvement allowance of $16.76 per rentable square foot.

During the year ended December 31, 2016, the Company signed 86 office leases in its Suburban portfolio totaling 638,184 square feet. Fifty leases comprising the remaining 391,712 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 $38.41 per rentable square foot, representing a 6.1% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the year ended December 31, 2016 was 6.8 years and average tenant concessions were 6 months of free rent with a tenant improvement allowance of $26.11 per rentable square foot.

Same-store occupancy for the Company's Suburban portfolio was 85.1% at December 31, 2016, inclusive of 30,160 square feet of leases signed but not yet commenced, as compared to 83.3% at December 31, 2015 and 85.4% at September 30, 2016.

Significant leases that were signed during the fourth quarter included:

Marketing, general and administrative, or MG&A, expenses for the year ended December 31, 2016 were $99.8 million, or 4.7% of total combined revenues and an annualized 53 basis points of total combined assets.

Real Estate Investment Activity

In October, the Company closed on the previously announced sale of a 49% interest in the entity that owns 400 East 57th Street for a gross asset valuation of $170.0 million and recognized a gain on sale of $23.9 million.

In November 2016, the Company obtained consent to the modifications to the mortgage on 11 Madison Avenue sought by the Company in conjunction with the sale of a 40% beneficial interest in the property to PGIM Real Estate. Obtaining these modifications results in the Company achieving sale accounting on the transaction thereby recognizing a gain on sale of $3.6 million, and terminates the right of PGIM Real Estate to require the Company to repurchase the interest they acquired if the modification was not obtained.

Debt and Preferred Equity Investment Activity

The carrying value of the Company's debt and preferred equity investment portfolio totaled $1.64 billion at December 31, 2016 at a weighted average current yield of 9.3%, excluding $0.34 billion of debt and preferred equity investments that are included in other balance sheet line items for accounting purposes. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $485.0 million, of which $415.0 million was retained and $332.2 million was funded, at a weighted average current yield of 9.0%. During the fourth quarter, the Company recorded $237.3 million of principal reductions from investments that were repaid and sold/syndicated.

Financing Activity

In December, Fitch Ratings upgraded the Rating Outlook of the Company to Positive from Stable and affirmed the Issuer Default Rating (IDR) at 'BBB-'.

In January, the Company closed on the refinancing of 315 West 33rd Street, also known as The Olivia. The $250.0 million financing has a 10-year term and carries a fixed interest rate of 4.236%.

In January, the Company, along with its joint venture partner, closed on the refinancing of 1745 Broadway. The $375.0 million financing, of which $345.0 million was funded at closing, has a 3-year term with two 1-year extension options, carries a floating interest rate of LIBOR + 1.85%, and replaces the previous $340.0 million of indebtedness on the property.

In January, the Company closed on the refinancing of 485 Lexington Avenue. The $450.0 million financing has a 10-year term, carries a fixed effective interest rate of 4.22% and replaces the previous $450.0 million of indebtedness on the property.

In December, the Company closed on the refinancing of 1-7 Landmark Square in Stamford, Connecticut. The $100.0 million financing has a 10-year term, carries a fixed effective interest rate of 4.91% and replaces the previous $77.9 million of indebtedness on the property.

In October, the Company, along with its joint venture partner, closed on the refinancing of 400 East 58th Street. The $40.0 million financing has a 10-year term, carries a fixed interest rate of 3.00%, and replaces the previous $28.5 million of indebtedness on the property.

Dividends

During the fourth quarter of 2016, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

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, January 26, 2017 at 2:00 pm ET to discuss the financial results.

The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under "Financial Reports."

The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under "Event Calendar & Webcasts". The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 46669272.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using pass-code 46669272. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under "Event Calendar & Webcasts".

Company Profile

SL Green Realty Corp., an S&P 500 company and 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 December 31, 2016, SL Green held interests in 127 Manhattan buildings totaling 47.8 million square feet. This included ownership interests in 28.1 million square feet of commercial buildings and debt and preferred equity investments secured by 19.7 million square feet of buildings. In addition, SL Green held ownership interests in 30 suburban buildings totaling 4.8 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 in 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.

       

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)

 
Three Months Ended Year Ended
December 31, December 31
2016     2015 2016     2015
Revenues:
Rental revenue, net $ 279,869 $ 319,961 $ 1,323,767 $ 1,245,981
Escalation and reimbursement 49,501 47,882 196,858 178,512
Investment income 38,661 44,540 213,008 181,128
Other income 6,211   13,007   130,348   57,208  
Total revenues 374,242 425,390 1,863,981 1,662,829
Expenses:
Operating expenses, including related party expenses of $6,719 and $21,890 in 2016 and $6,477 and $20,071 in 2015. 78,590 76,085 312,859 301,624
Real estate taxes 60,457 59,684 248,388 232,702
Ground rent 8,308 8,308 33,261 32,834
Interest expense, net of interest income 64,873 88,176 321,199 323,870
Amortization of deferred financing costs 4,384 7,621 24,564 27,348
Depreciation and amortization 104,026 106,800 821,041 560,887
Transaction related costs 1,541 1,391 7,528 11,430
Marketing, general and administrative 25,785   22,734   99,759   94,873  
Total expenses 347,964   370,799   1,868,599   1,585,568  
Income (loss) 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, gain on sale of real estate, depreciable real estate reserve, loss on sale of marketable securities and loss on early extinguishment of debt 26,278 54,591 (4,618 ) 77,261
Equity in net (loss) income from unconsolidated joint ventures (95 ) 2,377 11,874 13,028
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate 421 (206 ) 44,009 15,844
Purchase price fair value adjustment 40,078 40,078
Gain on sale of real estate, net 27,366 16,270 238,116 175,974
Depreciable real estate reserves (10,387 ) (19,226 )
Loss on sale of marketable securities (83 )
Loss on early extinguishment of debt       (49 )
Income from continuing operations 53,970 113,110 278,911 302,910
Net income from discontinued operations 427
Gain on sale of discontinued operations   1,139     14,122  
Net income 53,970 114,249 278,911 317,459
Net income attributable to noncontrolling interests in the Operating Partnership (1,966 ) (3,931 ) (10,136 ) (10,565 )
Net income attributable to noncontrolling interests in other partnerships (1,398 ) (2,626 ) (7,644 ) (15,843 )
Preferred unit distributions (2,853 ) (2,651 ) (11,235 ) (6,967 )
Net income attributable to SL Green 47,753 105,041 249,896 284,084
Perpetual preferred stock dividends (3,737 ) (3,738 ) (14,950 ) (14,952 )
Net income attributable to SL Green common stockholders $ 44,016   $ 101,303   $ 234,946   $ 269,132  
 
Earnings Per Share (EPS)
Net income per share (Basic) $ 0.44   $ 1.02   $ 2.35   $ 2.71  
Net income per share (Diluted) $ 0.44   $ 1.01   $ 2.34   $ 2.70  
 
Funds From Operations (FFO)
FFO per share (Basic) $ 1.44   $ 1.61   $ 8.32   $ 6.41  
FFO per share (Diluted) $ 1.43   $ 1.61   $ 8.29   $ 6.38  
 

Basic ownership interest

Weighted average REIT common shares for net income per share 100,321 99,758 100,186 99,345
Weighted average partnership units held by noncontrolling interests 4,473   3,829   4,322   3,900  
Basic weighted average shares and units outstanding 104,794   103,587   104,508   103,245  
 

Diluted ownership interest

Weighted average REIT common share and common share equivalents 100,695 100,226 100,558 99,835
Weighted average partnership units held by noncontrolling interests 4,473   3,829   4,322   3,900  
Diluted weighted average shares and units outstanding 105,168   104,055   104,880   103,735  
 
       

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 
December 31 December 31,
2016 2015
Assets (Unaudited)
Commercial real estate properties, at cost:
Land and land interests $ 3,309,710 $ 4,779,159
Building and improvements 7,948,852 10,423,739
Building leasehold and improvements 1,437,325 1,431,259
Properties under capital lease 47,445   47,445  
12,743,332 16,681,602
Less accumulated depreciation (2,264,694 ) (2,060,706 )
10,478,638 14,620,896
Assets held for sale 34,981
Cash and cash equivalents 279,443 255,399
Restricted cash 90,524 233,578
Investment in marketable securities 85,110 45,138

Tenant and other receivables, net of allowance of $16,592 and $17,618 in 2016 and 2015, respectively

53,772 63,491

Related party receivables

15,856 10,650

Deferred rents receivable, net of allowance of $25,203 and $21,730 in 2016 and 2015, respectively

442,179 498,776

Debt and preferred equity investments, net of discounts and deferred origination fees of $16,705 and $18,759 in 2016 and 2015, respectively

1,640,412 1,670,020
Investments in unconsolidated joint ventures 1,890,186 1,203,858
Deferred costs, net 267,600 239,920
Other assets 614,067   850,939  
Total assets $ 15,857,787   $ 19,727,646  
Liabilities
Mortgages and other loans payable $ 4,140,712 $ 6,992,504
Revolving credit facility 994,000
Unsecured term loan 1,183,000 1,386,244
Unsecured notes 1,133,957 933,000
Deferred financing costs, net (82,258 ) (130,295 )
Total debt, net of deferred financing costs 6,375,411 10,175,453
Accrued interest payable 36,052 42,406
Other liabilities 212,493 168,477
Accounts payable and accrued expenses 190,583 196,213
Deferred revenue 217,955 399,102
Capitalized lease obligations 42,132 41,360
Deferred land leases payable 2,583 1,783
Dividend and distributions payable 87,271 79,790
Security deposits 66,504 68,023
Liabilities related to assets held for sale 29,000
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000   100,000  
Total liabilities 7,330,984 11,301,607
 
Commitments and contingencies
Noncontrolling interest in the Operating Partnership 473,882 424,206
Preferred units 302,010 282,516
 
Equity
Stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2016 and December 31, 2015 221,932 221,932
Common stock, $0.01 par value 160,000 shares authorized, 101,617 and 100,063 issued and outstanding at December 31, 2016 and December 31, 2015, respectively (including 1,055 and 87 shares held in Treasury at December 31, 2016 and December 31, 2015, respectively) 1,017 1,001
Additional paid-in capital 5,624,545 5,439,735
Treasury stock at cost (124,049 ) (10,000 )
Accumulated other comprehensive loss 22,137 (8,749 )
Retained earnings 1,578,893   1,643,546  
Total SL Green Realty Corp. stockholders' equity 7,324,475 7,287,465
Noncontrolling interests in other partnerships 426,436   431,852  
Total equity 7,750,911   7,719,317  
Total liabilities and equity $ 15,857,787   $ 19,727,646  
 
   

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

 
Three Months Ended
December 31,
2016     2015

FFO Reconciliation:

Net income attributable to SL Green common stockholders $ 44,016 $ 101,303

Add:

Depreciation and amortization 104,026 106,800
Joint venture depreciation and noncontrolling interest adjustments 27,662 10,373
Net income attributable to noncontrolling interests 3,364 6,557

Less:

Gain on sale of real estate and discontinued operations, net 27,366 17,409
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 421 (206 )
Purchase price fair value adjustment 40,078
Depreciable real estate reserve
Depreciation on non-rental real estate assets 522   511  
Funds From Operations attributable to SL Green common stockholders and noncontrolling interests $ 150,759   $ 167,241  
 
         
Consolidated Properties Unconsolidated Joint Ventures (100%)
Three Months Ended Three Months Ended
December 31, December 31,

Operating income and Same-store NOI Reconciliation:

2016     2015 2016     2015

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, gain on sale of real estate, depreciable real estate reserve, loss on sale of marketable securities and loss on early extinguishment of debt

$ 26,278 $ 54,591 $ 15,831 $ 2,109
 
Equity in net income from unconsolidated joint ventures (95 ) 2,377
Depreciation and amortization 104,026 106,800 66,976 40,001
Interest expense, net of interest income 64,873 88,176 49,865 51,974
Amortization of deferred financing costs 4,384 7,621 7,162 3,766
Loss on early extinguishment of debt       (8 )
Operating income 199,466   259,565   139,834   97,842  
 
Marketing, general and administrative expense 25,785 22,734
Net operating income from discontinued operations
Transaction related costs, net 1,541 1,391 207
Non-building revenue (37,600 ) (57,885 ) (11,383 ) (9,463 )
Equity in net income from unconsolidated joint ventures 95 (2,377 )
Loss on early extinguishment of debt           (8 )
Net operating income (NOI) $ 189,287 $ 223,428 $ 128,658 $ 88,371
 
 
NOI from discontinued operations
NOI from other properties/affiliates (12,677 ) (53,196 ) (105,128 ) (67,503 )
Same-Store NOI 176,610   170,232   23,530   20,868  
 
 
Ground lease straight-line adjustment 390 472
 
Straight-line and free rent (8,502 ) (10,207 ) (2,525 ) (1,329 )
Rental income - FAS 141 (3,857 ) (4,065 ) (388 ) (450 )
Same-store cash NOI $ 164,641   $ 156,432   $ 20,617   $ 19,089  
 
   

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

 
Year Ended
December 31
2016     2015
FFO Reconciliation:
Net income attributable to SL Green common stockholders $ 234,946 $ 269,132

Add:

Depreciation and amortization 821,041 560,887
Joint venture depreciation and noncontrolling interest adjustments 69,853 34,226
Net income attributable to noncontrolling interests 17,780 26,408

Less:

Gain on sale of real estate and discontinued operations, net 238,116 190,096
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 44,009 15,844
Purchase price fair value adjustment 40,078
Depreciable real estate reserve (10,387 ) (19,226 )
Depreciation on non-rental real estate assets 2,027   2,036  
Funds From Operations attributable to SL Green common stockholders and noncontrolling interests $ 869,855   $ 661,825  
 
         
Consolidated Properties Unconsolidated Joint Ventures (100%)
Year Ended Year Ended
December 31 December 31

Operating income and Same-store NOI Reconciliation:

2016     2015 2016     2015

Loss (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, gain on sale of real estate, depreciable real estate reserve, loss on sale of marketable securities and loss on early extinguishment of debt

$ (4,618 ) $ 77,261 $ 32,032 $ 4,257
 
Equity in net income from unconsolidated joint ventures 11,874 13,028
Depreciation and amortization 821,041 560,887 199,011 149,023
Interest expense, net of interest income 321,199 323,870 197,741 199,126
Amortization of deferred financing costs 24,564 27,348 24,829 13,394
Loss on early extinguishment of debt   (49 ) (1,606 ) (1,089 )
Operating income 1,174,060   1,002,345   452,007   364,711  
 
Marketing, general and administrative expense 99,759 94,873
Net operating income from discontinued operations 427
Transaction related costs, net 7,528 11,430 5,566 615
Non-building revenue (217,945 ) (195,944 ) (31,914 ) (25,690 )
Equity in net income from unconsolidated joint ventures (11,874 ) (13,028 )
Loss on early extinguishment of debt   49   1,606   1,089  
Net operating income (NOI) $ 1,051,528 $ 900,152 $ 427,265 $ 340,725
 
 
NOI from discontinued operations
NOI from other properties/affiliates (381,013 ) (231,392 ) (338,773 ) (258,701 )
Same-Store NOI 670,515   668,760   88,492   82,024  
 
 
Ground lease straight-line adjustment 1,749 1,887
 
Straight-line and free rent (27,442 ) (48,468 ) (7,697 ) (5,879 )
Rental income - FAS 141 (4,050 ) (17,100 ) (1,557 ) (1,867 )
Same-store cash NOI $ 640,772   $ 605,079   $ 79,238   $ 74,278  
 
   

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

 
December 31
2016       2015
Manhattan Operating Data: (1)
Net rentable area at end of period (in 000's) 22,613 24,029
Portfolio percentage leased at end of period 94.9 % 94.5 %
Same-Store percentage leased at end of period 95.8 % 96.2 %
Number of properties in operation 31 32
 
Office square feet where leases commenced during quarter ended (rentable) 171,581 390,771
Average mark-to-market percentage-office 5.1 % 15.3 %
Average starting cash rent per rentable square foot-office $ 70.94 $ 65.48
 

(1)  Includes wholly-owned and joint venture properties.

 

SLG-EARN

SL Green Realty Corp.
Matt DiLiberto, 212-594-2700
Chief Financial Officer

Source: SL Green Realty Corp.

News Provided by Acquire Media