Exhibit 99.1
420 Lexington Avenue, New
York City, NY 10170
CONTACT
Gregory F. Hughes
Chief Financial Officer
(212) 594-2700
or
Michelle LeRoy
VP Investor Relations
(212) 594-2700
FOR IMMEDIATE RELEASE
SL GREEN REALTY CORP. REPORTS
THIRD QUARTER FFO OF $0.94 PER SHARE
Release Highlights
• FFO for the
quarter increased 8% to $0.94 per share (diluted) versus $0.87 per share
(diluted) for the same quarter in 2003
• Acquired 750
Third Avenue and 485 Lexington Avenue for $480 million, or $282 per square foot
• Signed
agreements to sell 1466 Broadway for $160 million, or $537 per square foot, and
17 Battery Place North for $70 million, or $170 per square foot
• Acquired 625
Madison Avenue for $231.5 million, or $415 per square foot
• Issued 1.35
million shares of common stock at $48.50 per share raising gross proceeds net
of discount of $65.2 million and 1.55 million shares of 7.875% Series D
preferred stock raising net proceeds of approximately $37.3 million
• Increased term
loan by $125 million while reducing the overall cost of borrowing under this
facility and the secured and unsecured credit facilities by 25 to 35 basis
points
• Refinanced 1250
Broadway with a $115 million mortgage generating $16.7 million of proceeds to
the Company
• Signed 91 office
leases totaling approximately 522,000 rentable square feet
• Invested
approximately $47 million in Gramercy Capital Corp. (NYSE: GKK), which
completed its initial public offering and sold 12.5 million shares at $15 per
share raising gross proceeds of $187.5 million.
• Originated $80
million in structured finance investments
• Ended the
quarter at 95.9% occupancy
1
Financial Results
New York, NY, October 19, 2004 –
SL Green Realty Corp. (NYSE:SLG) reported funds from operations before minority
interests (FFO) totaling $40.7 million, or $0.94 per share (diluted), for the
three months ended September 30, 2004, compared to $33.9 million, or $0.87 per
share (diluted), for the same quarter in 2003.
For the nine months ended
September 30, 2004, operating results improved 9% per share as FFO before
minority interests totaled $119.8 million, or $2.81 per share (diluted),
compared to $100.3 million, or $2.59 per share (diluted), for the same period
in 2003. The increase is primarily
attributable to 2003 and 2004 acquisitions and increased investment income.
Net income available to common shareholders for the three months ended
September 30, 2004 totaled $20.3 million, or $0.49 per share (diluted),
compared to the same quarter in 2003 when net income totaled $19.4 million, or
$0.59 per share (diluted). The three
months ended September 30, 2003 included a gain on sale of 1370 Broadway
totaling $3.7 million ($0.10 per share).
Net income available to common shareholders for the nine months ended
September 30, 2004 totaled $81.6 million, or $2.03 per share (diluted) compared
to the same period in 2003 when net income totaled $68.9 million, or $2.09 per
share (diluted). Depreciation expense
increased primarily as of result of new acquisitions.
The Company’s third
quarter weighted average diluted shares outstanding increased 4.1 million, or
10.5%, to 43.3 million in 2004 from 39.2 million in 2003. The increase was primarily attributable to
(i) the 1.8 million common stock offering completed in January 2004, (ii) the
1.35 million common stock offering completed in August 2004, and (iii) the
effects of stock and option-based compensation.
Consolidated Results
Total quarterly revenues increased 15% in the third quarter of 2004 to
$87.3 million compared to $75.9 million in the same quarter of 2003. The $11.4 million growth in revenue resulted
primarily from the following items:
• $5.9 million
increase from 2003 and 2004 acquisitions
• $4.4 million
increase in preferred and investment income
• $1.8 million
increase from same store properties including $0.5 relating to assets held for
sale reflected in discontinued operations
• $0.2 million
decrease in other revenue which was partially offset by an increase in other
income, primarily due to lease buy-out income
The Company’s EBITDA increased by $13.6 million in the third quarter to
$53.6 million, compared to $40.0 million in the same quarter in 2003. The following items drove the EBITDA
increase:
• $7.6 million
increase in income from unconsolidated joint ventures
• $4.3 million
increase from 2003 and 2004 acquisitions
• $1.4 million
increase from same-store properties including $0.6 million relating to assets
held for sale reflected in discontinued operations
2
• $4.4 million
increase in preferred and investment income
• $2.6 million
decrease from higher MG&A expense
• $0.9 million
decrease in non-real estate revenues net of expenses
FFO before minority interests increased $6.7 million primarily as a
result of:
• $13.6 million
increase in EBITDA
• $2.4 million
increase in FFO related to the joint venture depreciation, primarily 1221
Avenue of the Americas
• $0.3 million
decrease in FFO from other adjustments
• $4.8 million
decrease from perpetual preferred stock dividends
• $4.7 million
decrease from higher interest expense
• $0.5 million
increase from discontinued operations
The $4.7 million increase
in interest expense was primarily associated with additional debt used to fund
new investment activity ($5.2 million) and higher interest costs associated
with property-level refinancings ($1.6 million) which were partially offset by
reduced loan balances due to previous disposition activity ($1.5 million) and
proceeds from the Company’s common and preferred stock offerings and other
($0.6 million).
Same-Store Results
For the third quarter of 2004, same-store GAAP NOI increased by $2.1
million (7%) to $30.8 million, as compared to $28.7 million for the same
quarter in 2003. The increase in
same-store GAAP NOI was primarily due to:
• $1.2 million (3%) increase in rental revenue primarily
due to improved leasing at 555 West 57th Street and 1372 Broadway
• $0.5 million (5%) increase in escalation and
reimbursement revenue primarily due to real estate tax and utility
reimbursements
• $0.9 million (9%) increase in other income primarily
due to lease buy-out income
• $0.6 million
(6%) increase in real estate taxes
• $0.1 million (3%) decrease in ground rent. Operating
expenses were flat.
Structured Finance Activity
As of September 30, 2004,
the par value of our structured finance and preferred equity investments
totaled $325.8 million. The weighted
average balance outstanding for the third quarter of 2004 was $302.1 million. During the third quarter of 2004, the
weighted average yield was 10.2%.
During the third quarter 2004, the Company originated $80.0 million of
structured finance investments with an initial yield of approximately
11.1%. The Company also received
redemptions totaling $19 million that were yielding 13.5%.
Leasing Activity
For the third quarter of
2004, the Company signed 98 leases totaling approximately 573,000 rentable
square feet of which 91 leases and approximately 522,000 square feet represent
office leases. Starting office cash
rents averaged $31.48 per square foot, a 0.3% increase over
3
previously fully
escalated cash rents averaging $31.38 per square foot. Tenant concessions averaged 3.5 months of free
rent with an allowance for tenant improvements of $25.06 per rentable square
foot.
For the nine months ended
September 30, 2004, the Company signed 242 leases totaling approximately
1,208,000 rentable square feet of which 220 leases and 1,115,000 square feet
represent office leases. Starting office
cash rents averaged $31.66 per square foot, a slight increase over previously
fully escalated cash rents averaging $31.60 per square foot. Tenant concessions averaged 2.0 months of
free rent with an allowance for tenant improvements of $20.42 per rentable
square foot. This leasing activity
includes early renewals for 36 office leases totaling approximately 240,000
rentable square feet.
Real Estate Activity
750 Third Avenue and 485
Lexington Avenue
In July 2004, we acquired two office buildings, comprising 1.7 million
square feet, located at 750 Third Avenue (“750 Third”) and 485 Lexington Avenue
(“485 Lexington”) for $480.0 million, or $282 per square foot. The properties were acquired from TIAA-CREF,
a national financial services company.
The properties were acquired separately by two SL Green-controlled
entities.
750 Third was purchased
by us as a wholly-owned asset for $255.0 million. The acquisition was initially funded by
proceeds from our unsecured revolving credit facility.
485 Lexington was
acquired in a joint venture with The City Investment Fund and The Witkoff
Group. We own approximately 30.0% of the
equity interests in the property. SL
Green’s interest may increase based on incentive performance. The allocated price for 485 Lexington was
$225.0 million. The joint venture
entered into a $240.0 million credit facility to finance the acquisition and
redevelopment of 485 Lexington Avenue.
The loan, which will bear interest at 200 basis points over the 30-day
LIBOR, is for three years and has two one-year extension options. At closing, the joint venture drew
approximately $175.0 million to fund the acquisition.
1466 Broadway
The Company entered into an agreement to sell 1466 Broadway, also known
as 6 Times Square, to Sitt Asset Management and Steven J. Sutton. The
transaction, which is subject to customary closing conditions, is expected to
close during November 2004. The purchase price is $160.0 million, or
approximately $537 per square foot. Proceeds from the sale will be used to pay
down corporate debt and to fund future acquisitions. Substantially all of the taxable gain on sale
will be deferred through a reverse-1031 exchange with 750 Third Avenue.
17 Battery Place North
The Company entered into an agreement to sell
17 Battery Place North to an affiliate of the Moinian Group. The transaction, which
is subject to customary closing conditions, is expected to close during the fourth quarter of 2004. The purchase
price is $70.0 million, or approximately $170 per square foot. Substantially
all of the taxable gain on sale will be deferred through a reverse-1031
exchange with 750 Third Avenue.
4
625 Madison Avenue
On October 19, 2004, the Company acquired 625
Madison Avenue for $231.5 million, or approximately $415 per square foot. The
approximately 558,000 square feet, 17-story building contains 53,000 square
feet of retail space and is 68% occupied. The property was acquired with cash
and the issuance of approximately 300,000 common units in SL Green Operating
Partnership, L.P., valued at $50.50 per unit. The building is also encumbered
by a $102 million mortgage loan held by the New York State Teacher’s Retirement
System that SL Green will assume upon closing. The mortgage has a fixed annual
interest rate of 6.27% and will mature in November 2015. The property being
acquired is subject to a ground lease expiring on June 30, 2054, after exercise
of all options.
Financing/ Capital Activity
Common Stock Offering
In
August 2004, the Company priced a public offering of 1,350,000 shares of our
common stock at $48.50 per share. Gross
proceeds from this offering, net of discount, (approximately $65.2 million)
were used to repay amounts outstanding under our unsecured revolving credit
facility.
Series D Perpetual Preferred
Stock
In
July 2004, we issued an additional 1.55 million shares of our Series D
preferred stock. We received net
proceeds of approximately $37.3 million.
The gross proceeds from the total Series D offerings were $100.0
million.
Corporate Debt
Obligations
In August
2004, we modified three separate corporate debt obligations, increasing
capacity from $625 million to $750 million and lowering the overall cost of
borrowing under the facilities by 25 to 35 basis points.
Our $200 million
term loan was increased by $125 million to $325 million. In addition to certain
covenant modifications, the agreement reduced borrowing spreads to between
1.10% and 1.40% over LIBOR, depending on our overall leverage ratio. The maturity date was extended to August
2009. $325 million is currently outstanding under the term loan. To limit
exposure to the variable LIBOR rate, we entered into a step swap agreement on
the new term loan borrowings. The swap agreement includes an initial 12-month
all-in rate of approximately 4.11% and a blended all-in rate of approximately
5.05% with a final maturity date in August 2009.
In two
other separate agreements executed in September 2004, borrowing spreads on the
$300 million unsecured revolving credit facility and $125 million secured
revolving credit facility were reduced to between 1.05% and 1.35% over LIBOR,
depending on our overall leverage ratio. $45 million and $125 million are
currently outstanding under the unsecured and secured revolving credit
facilities, respectively.
5
Conference Call
The Company will host a conference
call and audio web cast on Wednesday, October 20, 2004 at 2 pm ET to discuss
the financial results. The conference call can be accessed by dialing (800)
289-0494 Domestic or (913) 981-5520 International. A replay of the call will be
available through October 27, 2004 by dialing (888) 203-1112 or (719) 457-0820
and using confirmation code 945906. The call will be simultaneously broadcast
via the Internet and individuals who wish to access the conference call should
go to www.slgreen.com to log onto the call or to listen to a replay following
the call.
Non-GAAP Financial Measures
During
the October 20, 2004 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 (net income) can be found on
pages seven and nine of this release and in our third quarter supplemental data
package.
* Financial Tables attached
To receive the Company’s latest news releases and other corporate
documents, including third quarter supplemental data please contact Investor
Relations at 212-216-1601. All releases
and supplemental data can also be downloaded directly from the SL Green website
at: www.slgreen.com.
Forward-looking Information
This press release contains forward-looking
information based upon the Company’s current best judgment and
expectations. Actual results could vary
from those presented herein. The risks
and uncertainties associated with forward-looking information in this release
include the strength of the commercial office real estate markets in New York,
competitive market conditions, unanticipated administrative costs, timing of
leasing income, general and local economic conditions, interest rates, capital
market conditions, tenant bankruptcies and defaults, the availability and cost
of comprehensive insurance, including coverage for terrorist acts, and other
factors, many of which are beyond the Company’s control. We undertake no obligation to publicly update
or revise any of the forward-looking information. For further information, please refer to the
Company’s filing with the Securities and Exchange Commission.
6
SL GREEN REALTY CORP.
STATEMENTS OF OPERATIONS-UNAUDITED
(Amounts in thousands, except per share
data)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2004
|
|
2003
|
|
2004
|
|
2003
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Rental revenue, net
|
|
$
|
60,896
|
|
$
|
55,144
|
|
$
|
176,344
|
|
$
|
156,313
|
|
|
Escalations & reimbursement revenues
|
|
12,932
|
|
12,755
|
|
31,849
|
|
29,826
|
|
|
Signage rent
|
|
177
|
|
49
|
|
198
|
|
192
|
|
|
Preferred equity
investment income
|
|
2,479
|
|
658
|
|
8,660
|
|
2,945
|
|
|
Investment
income
|
|
5,804
|
|
3,201
|
|
22,013
|
|
9,280
|
|
|
Other income
|
|
4,980
|
|
4,113
|
|
14,433
|
|
6,940
|
|
|
Total revenues
|
|
87,268
|
|
75,920
|
|
253,497
|
|
205,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net
loss from affiliates
|
|
—
|
|
—
|
|
—
|
|
(196
|
)
|
|
Equity in net
income from unconsolidated joint ventures
|
|
10,632
|
|
3,036
|
|
32,017
|
|
10,863
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
22,779
|
|
21,729
|
|
64,833
|
|
54,302
|
|
|
Ground rent
|
|
3,759
|
|
3,366
|
|
11,490
|
|
9,796
|
|
|
Real estate
taxes
|
|
12,173
|
|
10,834
|
|
34,917
|
|
29,507
|
|
|
Marketing,
general and administrative
|
|
5,574
|
|
2,994
|
|
20,944
|
|
8,984
|
|
|
Total expenses
|
|
44,285
|
|
38,923
|
|
132,184
|
|
102,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
Before Interest, Depreciation and Amortization (EBITDA)
|
|
53,615
|
|
40,033
|
|
153,330
|
|
113,574
|
|
|
Interest Expense
|
|
16,238
|
|
11,584
|
|
45,645
|
|
32,809
|
|
|
Depreciation and
amortization
|
|
13,225
|
|
11,311
|
|
37,058
|
|
31,028
|
|
|
Net income from
Continuing Operations
|
|
24,152
|
|
17,138
|
|
70,627
|
|
49,737
|
|
|
Income from
Discontinued Operations, net of minority interests
|
|
2,052
|
|
1,645
|
|
4,775
|
|
7,755
|
|
|
Gain (loss) on
sale of Discontinued Operations, net of minority interests
|
|
—
|
|
3,745
|
|
—
|
|
21,269
|
|
|
Equity in net
gain on sale of unconsolidated joint ventures
|
|
|
|
—
|
|
22,012
|
|
—
|
|
|
Minority
interests
|
|
(1,054
|
)
|
(887
|
)
|
(4,478
|
)
|
(2,800
|
)
|
|
Preferred stock
dividends and accretion
|
|
(4,843
|
)
|
(2,224
|
)
|
(11,289
|
)
|
(7,087
|
)
|
|
Net income available
to common shareholders
|
|
$
|
20,307
|
|
$
|
19,417
|
|
$
|
81,647
|
|
$
|
68,874
|
|
|
Net income per
share (Basic)
|
|
$
|
0.52
|
|
$
|
0.62
|
|
$
|
2.11
|
|
$
|
2.22
|
|
|
Net income per
share (Diluted)
|
|
$
|
0.49
|
|
$
|
0.59
|
|
$
|
2.03
|
|
$
|
2.09
|
|
|
Funds From
Operations (FFO)
|
|
|
|
|
|
|
|
|
|
|
FFO per share
(Basic)
|
|
$
|
0.98
|
|
$
|
0.95
|
|
$
|
2.92
|
|
$
|
2.81
|
|
|
FFO per share
(Diluted)
|
|
$
|
0.94
|
|
$
|
0.87
|
|
$
|
2.81
|
|
$
|
2.59
|
|
|
FFO Calculation:
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
24,151
|
|
$
|
17,138
|
|
$
|
70,627
|
|
$
|
49,737
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
13,225
|
|
11,311
|
|
37,058
|
|
31,028
|
|
|
FFO from
Discontinued Operations
|
|
3,196
|
|
3,215
|
|
8,612
|
|
12,842
|
|
|
Joint venture
FFO adjustment
|
|
5,922
|
|
3,477
|
|
17,702
|
|
10,302
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividend on convertible preferred stock
|
|
—
|
|
(2,093
|
)
|
—
|
|
(6,693
|
)
|
|
Dividend on
perpetual preferred stock
|
|
(4,843
|
)
|
—
|
|
(11,289
|
)
|
—
|
|
|
Amortization of
deferred financing costs and depreciation of non-real estate assets
|
|
(989
|
)
|
(1,216
|
)
|
(2,911
|
)
|
(3,581
|
)
|
|
FFO before
minority interests– BASIC
|
|
40,662
|
|
31,832
|
|
119,799
|
|
93,635
|
|
|
Add: Convertible
preferred stock dividends
|
|
—
|
|
2,093
|
|
—
|
|
6,693
|
|
|
FFO before
minority interests – DILUTED
|
|
$
|
40,662
|
|
$
|
33,925
|
|
$
|
119,799
|
|
$
|
100,328
|
|
|
Basic ownership
interest
|
|
|
|
|
|
|
|
|
|
|
Weighted average
REIT common shares for net income per share
|
|
39,386
|
|
31,269
|
|
38,670
|
|
31,021
|
|
|
Weighted average
partnership units held by minority interests
|
|
2,225
|
|
2,306
|
|
2,245
|
|
2,304
|
|
|
Basic weighted
average shares and units outstanding for FFO per share
|
|
41,611
|
|
33,575
|
|
40,915
|
|
33,325
|
|
|
Diluted
ownership interest
|
|
|
|
|
|
|
|
|
|
|
Weighted average
REIT common share and common share equivalents
|
|
41,092
|
|
32,273
|
|
40,321
|
|
31,776
|
|
|
Weighted average
partnership units held by minority interests
|
|
2,225
|
|
2,306
|
|
2,245
|
|
2,304
|
|
|
Common share
equivalents for preferred stock
|
|
—
|
|
4,607
|
|
—
|
|
4,668
|
|
|
Diluted weighted
average shares and units outstanding
|
|
43,317
|
|
39,186
|
|
42,566
|
|
38,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
SL GREEN
REALTY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
|
|
|
September 30,
2004
|
|
December 31,
2003
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Commercial real
estate properties, at cost:
|
|
|
|
|
|
|
Land and land
interests
|
|
$
|
206,824
|
|
$
|
168,032
|
|
|
Buildings and improvements
|
|
1,055,811
|
|
849,013
|
|
|
Building
leasehold and improvements
|
|
225,207
|
|
317,178
|
|
|
Property under
capital lease
|
|
12,208
|
|
12,208
|
|
|
|
|
1,500,050
|
|
1,346,431
|
|
|
Less accumulated
depreciation
|
|
(163,734
|
)
|
(156,768
|
)
|
|
|
|
1,336,316
|
|
1,189,663
|
|
|
|
|
|
|
|
|
|
Assets held for
sale
|
|
125,322
|
|
—
|
|
|
Cash and cash
equivalents
|
|
23,299
|
|
38,546
|
|
|
Restricted cash
|
|
45,938
|
|
59,542
|
|
|
Tenant and other
receivables, net of allowance of $8,691 and $7,533 in 2004 and 2003,
respectively
|
|
18,109
|
|
13,165
|
|
|
Related party receivables
|
|
3,935
|
|
6,610
|
|
|
Deferred rents
receivable, net of allowance of $6,141 and $7,017 in 2004 and 2003,
respectively
|
|
58,735
|
|
63,131
|
|
|
Structured
finance investments, net of discount of $1,991 and $44 in 2004 and 2003,
respectively
|
|
325,807
|
|
218,989
|
|
|
Investments in
unconsolidated joint ventures
|
|
549,654
|
|
590,064
|
|
|
Deferred costs,
net
|
|
50,574
|
|
39,277
|
|
|
Other assets
|
|
53,736
|
|
42,854
|
|
|
Total assets
|
|
$
|
2,591,425
|
|
$
|
2,261,841
|
|
|
Liabilities
and Stockholders’ Equity
|
|
|
|
|
|
|
Mortgage notes
payable
|
|
$
|
513,354
|
|
$
|
515,871
|
|
|
Revolving credit
facilities
|
|
188,900
|
|
236,000
|
|
|
Term loans
|
|
425,000
|
|
367,578
|
|
|
Derivative
instruments at fair value
|
|
4,822
|
|
9,009
|
|
|
Accrued interest
payable
|
|
5,015
|
|
3,500
|
|
|
Accounts payable
and accrued expenses
|
|
62,692
|
|
43,835
|
|
|
Deferred
revenue/gain
|
|
13,156
|
|
8,526
|
|
|
Capitalized
lease obligations
|
|
16,385
|
|
16,168
|
|
|
Deferred land
lease payable
|
|
15,646
|
|
15,166
|
|
|
Dividend and
distributions payable
|
|
25,569
|
|
18,647
|
|
|
Security
deposits
|
|
20,473
|
|
21,968
|
|
|
Liabilities
related to assets held for sale
|
|
1,822
|
|
—
|
|
|
Total
liabilities
|
|
1,292,834
|
|
1,256,268
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Minority
interest in partially owned entities
|
|
539
|
|
510
|
|
|
Minority
interest in operating partnership
|
|
53,758
|
|
54,281
|
|
|
Stockholders’
Equity
|
|
|
|
|
|
|
7.625% Series C
perpetual preferred shares, $0.01 per value, $25.00 liquidation preference,
6,300 issued and outstanding at September 30, 2004 and December 31, 2003,
respectively
|
|
151,981
|
|
151,981
|
|
|
7.875% Series D
perpetual preferred shares, $0.01 per value, $25.00 liquidation preference,
4,000 and none issued and outstanding at September 30, 2004 and December 31,
2003, respectively
|
|
96,321
|
|
—
|
|
|
Common stock,
$0.01 par value 100,000 shares authorized, 40,547 and 36,016 issued and
outstanding at September 30, 2004 and December 31, 2003, respectively
|
|
405
|
|
360
|
|
|
Additional paid -
in capital
|
|
907,638
|
|
728,882
|
|
|
Deferred
compensation plan
|
|
(16,329
|
)
|
(8,446
|
)
|
|
Accumulated
other comprehensive income (loss)
|
|
2,548
|
|
(961
|
)
|
|
Retained
earnings
|
|
101,730
|
|
78,966
|
|
|
Total
stockholders’ equity
|
|
1,244,294
|
|
950,782
|
|
|
Total
liabilities and stockholders’ equity
|
|
$
|
2,591,425
|
|
$
|
2,261,841
|
|
8
SL GREEN REALTY CORP.
SELECTED OPERATING DATA-UNAUDITED
|
|
|
September 30,
|
|
|
|
|
2004
|
|
2003
|
|
|
Operating
Data:
|
|
|
|
|
|
|
Net rentable
area at end of period (in 000’s) (1)
|
|
17,145
|
|
12,605
|
|
|
Portfolio
percentage leased at end of period
|
|
95.9
|
%
|
95.5
|
%
|
|
Same-Store
percentage leased at end of period
|
|
95.2
|
%
|
97.5
|
%
|
|
Number of
properties in operation (1)
|
|
29
|
|
25
|
|
|
|
|
|
|
|
|
|
Office square
feet leased during quarter (rentable)
|
|
522,000
|
|
275,000
|
|
|
Average
mark-to-market percentage-office
|
|
0.3
|
%
|
3
|
%
|
|
Average starting
cash rent per rentable square foot-office
|
|
$
|
31.48
|
|
$
|
33.90
|
|
|
|
|
|
|
|
|
|
(1) Includes wholly owned and joint venture
properties.
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES*
(Amounts in thousands, except per share
data)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2004
|
|
2003
|
|
2004
|
|
2003
|
|
|
Earnings
before interest, depreciation and amortization (EBITDA):
|
|
$
|
53,614
|
|
$
|
40,033
|
|
$
|
153,330
|
|
$
|
113,574
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
Marketing,
general & administrative expense
|
|
5,574
|
|
2,994
|
|
20,944
|
|
8,984
|
|
|
Operating income
from discontinued operations
|
|
3,004
|
|
3,106
|
|
8,403
|
|
13,388
|
|
|
Depreciation
adjustment for joint ventures
|
|
5,922
|
|
3,477
|
|
17,702
|
|
10,302
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Non-building
revenue
|
|
(15,892
|
)
|
(9,910
|
)
|
(55,736
|
)
|
(26,854
|
)
|
|
GAAP
net operating income (GAAP NOI)
|
|
52,222
|
|
39,700
|
|
144,643
|
|
119,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Operating income
from discontinued operations
|
|
(3,004
|
)
|
(3,106
|
)
|
(8,403
|
)
|
(13,388
|
)
|
|
Net income from
joint ventures
|
|
(10,632
|
)
|
(3,036
|
)
|
(32,017
|
)
|
(10,863
|
)
|
|
GAAP NOI from
other properties/ affiliates
|
|
(7,752
|
)
|
(4,848
|
)
|
(17,245
|
)
|
(9,507
|
)
|
|
2004
Same-Store GAAP NOI
|
|
$
|
30,834
|
|
$
|
28,710
|
|
$
|
86,978
|
|
$
|
85,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See page 7 for a reconciliation of FFO and
EBITDA to net income.
9