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SLG > SEC Filings for SLG > Form 10-Q on 12-May-2014All Recent SEC Filings

Show all filings for SL GREEN REALTY CORP

Form 10-Q for SL GREEN REALTY CORP


12-May-2014

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
SL Green Realty Corp., which is referred to as SL Green or the Company, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Company is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions, financing, development, construction and leasing. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership.
Reckson Associates Realty Corp., or Reckson, and Reckson Operating Partnership, L.P. or ROP, are wholly-owned subsidiaries of the Operating Partnership.
The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on Form 10-Q and in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2013.
As of March 31, 2014, we owned the following interests in properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey, which are collectively known as the Suburban properties:
                                                     Consolidated                        Unconsolidated                                    Total
                                            Number of                                                                  Number of                     Weighted Average
  Location               Type               Properties         Square Feet    Number of Properties     Square Feet     Properties     Square Feet      Occupancy(1)
Commercial:
Manhattan      Office                              23          17,306,045               10              6,465,415             33      23,771,460           94.3 %
               Retail                               7   (2)       389,317                8                432,250             15         821,567           93.0 %
               Development/Redevelopment           10             973,790                4              1,261,482             14       2,235,272           55.0 %
               Fee Interest                         2             961,400                -                      -              2         961,400          100.0 %
                                                   42          19,630,552               22              8,159,147             64      27,789,699           91.3 %
Suburban       Office                              27           4,365,400                4              1,222,100             31       5,587,500           80.9 %
               Retail                               1              52,000                -                      -              1          52,000          100.0 %
               Development/Redevelopment            1              85,000                1                 65,641              2         150,641           40.7 %
                                                   29           4,502,400                5              1,287,741             34       5,790,141           80.0 %
Total commercial properties                        71          24,132,952               27              9,446,888             98      33,579,840           89.4 %
Residential:
Manhattan      Residential                          2   (2)       653,337                -                      -              2         653,337           94.7 %
Suburban       Residential                          1              66,611                -                      -              1          66,611           87.7 %

Total residential properties 3 719,948 - - 3 719,948 94.0 % Total portfolio 74 24,852,900 27 9,446,888 101 34,299,788 89.5 %



(1) The weighted average occupancy for commercial properties represents the total occupied square feet divided by total available rentable square feet. The weighted average occupancy for residential properties represents the total occupied units divided by total available units.

(2) As of March 31, 2014, we owned a building that was comprised of 270,132 square feet of retail space and 222,855 square feet of residential space. For the purpose of this report, we have included the building as part of retail properties and have shown the square footage under its respective classifications.

As of March 31, 2014, we also managed two office buildings owned by third parties and affiliated companies, which included 708,500 square feet. As of March 31, 2014, we also held debt and preferred equity investments with a book value of $1.5 billion.
Critical Accounting Policies
Refer to the 2013 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting policies, which include investment in commercial real estate properties, investment in unconsolidated joint ventures, revenue recognition, allowance for doubtful accounts, reserve for possible credit losses and derivative instruments. There have been no changes to these policies during the three months ended March 31, 2014.


Table of Contents

Results of Operations

Comparison of the three months ended March 31, 2014 to the three months ended March 31, 2013
The following comparison for the three months ended March 31, 2014, or 2014, to the three months ended March 31, 2013, or 2013, makes reference to the following: (i) the effect of the "Same-Store Properties," which represents all operating properties owned by us in the same manner at January 1, 2013 and at March 31, 2014 and totaled 60 of our 74 consolidated properties, representing 81.2% of our share of annualized cash rent, (ii) the effect of the "Acquisitions," which represents all properties or interests in properties acquired in 2014 and 2013 and all non-Same-Store Properties, including properties that are under development or deconsolidated during the period, and
(iii) "Other," which represents corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc. Any assets sold or held for sale are excluded from the income from continuing operations and from the following discussion.

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