Sl Green Realty Corp · NYSE:SLG
Sl Green Realty — Investor Day (December 2007)
80 slides from Sl Green Realty's investor day presentation, Dec 3, 2007
Slide 1: Slide 1
Slide 2: Welcome
Welcome eal | ‘Stephen L. Green Chairman
Slide 3: Slide 3
Slide 4: Forward-looking statements
© 2005 SL Green Realty Corp This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in th
Slide 5: Marc Holliday
Marc Holliday Chief Executive Officer
Slide 6: Scale portfolio of well leased Manhattan fortress properties
© 2005 SL Green Realty Corp Scale Portfolio of Well Leased Manhattan Fortress Properties Storehouse of Embedded Rent Growth Flexible Balance Sheet Record Capacity for New Opportunities Superior Property Management Driving Customer Satisfaction Diversification into Structured Finance and Retail Platf
Slide 7: Management team
© 2005 SL Green Realty Corp Marc Holiday CEO Andrew Mathias President & CIO Gregory Hughes COO & CFO Andrew Levine Chief Legal Officer Steven Durels Dir. of Leasing & Real Property Edward Piccinich Dir. of Management & Construction Neil Kessner General Counsel-Real Estate Investments Isaac Zion Davi
Slide 8: Buildings Sold 6.2 Million Square Feet
© 2005 SL Green Realty Corp 23 Buildings Sold 6.2 Million Square Feet
Slide 9: © 2005 SL Green Realty Corp
© 2005 SL Green Realty Corp
Slide 10: Investment cycle strategy
© 2005 SL Green Realty Corp Harvest Structured Finance Buy Vacancy Buy Credit Leased Opportunistic Opportunistic Recovery Peak Recession Trough 2001 2003 2004 2005 2006 2007 2008
Slide 11: Dividends and FFO per share
© 2005 SL Green Realty Corp *2008 Based on annualized 4Q07 dividend *2007 Data reflects Firstcall estimates **Annualized growth through 2008 Annualized Growth: 8.6% Annualized Growth: 12.4% $1.40 $1.40 $1.45 $1.55 $1.77 $1.86 $2.00 $2.16 $2.40 $2.80 $3.15 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08*
Slide 12: REIT market capitalization rankings
© 2005 SL Green Realty Corp 1. Equity Office Ppts $26,094 2. Vornado Realty Trust $22,494 3. Boston Properties $14,834 4. Trizec Ppts Inc $6,294 5. SL Green Realty Corp $6,199 6. Crescent RE Eqty $5,677 7. Mack Cali Realty Corp $5,355 8. Maguire Prop Inc $5,280 9. Reckson Assoc Realty $5,207 10. HRP
Slide 13: Total return rank
© 2005 SL Green Realty Corp Three Year Total Return Rank #1 1. SL Green Realty Corp 95.8% 2. Boston Properties 95.6% 3. Alexeandria Real Estate 50.9% 4. Corp. Office Properties 42.8% 5. Vornado Realty Trust 37.5% 6. Biomed Realty Trust 31.4% 7. Investor RE Trust 14.4% 8. Washington REIT 12.4% 9. Mag
Slide 14: 2007 goals and results
© 2005 SL Green Realty Corp Close Acquisition of Reckson Substantially Complete Redevelopment of 100 Park Ave. Dispose of at Least $250 Million of Non-Core Assets Secure a Tenant for 1551 Broadway Increase GKK Contribution to FFO by $5 Million Increase FFO by 9% - 11% Increase Same-Store Performance
Slide 15: 2007 accomplishments
© 2005 SL Green Realty Corp $2.0 Billion of New Investments Entered Into AFR Merger Agreement for Gramercy Signed More than 1.7 Million Square Feet YTD of Leasing at a Combined Mark-to-Market of 48% Refinanced 485 Lexington @ S+43 bps Raised $6.3 Billion of New Capital to Fund Investments and Liquif
Slide 16: 2008 goals and objectives
© 2005 SL Green Realty Corp Commence Redevelopment of 1515 Broadway Dispose of at Least $500 Mil. of Mature Assets Increase GKK Contribution to FFO by at least $5 Mil Secure Tenancy for 333 West 34th Street Complete Leasing at 100 Park Ave. Execute Over 1.0 Mil Square Feet of Leasing Transactions In
Slide 17: Andrew Mathias
-<” Andrew Mathias | President & — Chief Investment Officer
Slide 18: Manhattan sales volume and price per square foot
© 2005 SL Green Realty Corp Source: Cushman and Wakefield Sales Price Per Square Foot Sales Volume in $ Billions $34.8 $7.2 $9.0 $9.0 $10.3 $12.0 $8.5 $10.0 $14.9 $21.0 $45.2 $434 $475 $443 $421 $340 $308 $336 $253 $549 $749 $872 $0 $10 $20 $30 $40 $50 $60 1997 1998 1999 2000 2001 2002 2003 2004 200
Slide 19: Manhattan buyer composition
© 2005 SL Green Realty Corp Source: Cushman and Wakefield – Data reflects all of Manhattan; closed and under contract as of 10/31/07 2006 2007 Foreign 11% Pension Fund 1% Corporate/User >1% REIT 13% Private Capital 72% Other 1% Other 2% Private Capital 56% REIT 18% Corporate/User 1% Pension Fund 10%
Slide 20: Recent Manhattan office sales
© 2005 SL Green Realty Corp Buyer Seller Going-in Cap Rate Price Price PSF Total SF Date of Sale/Contract 31 West 52nd St. Paramount Deutsche Bank RREEF/Hines 3.9% $595 Mil $812 723,791 November 2007 120 Park Ave. Global Holdings Altria NA $525 Mil $841 624,385 November 2007 450 Park Ave. Somerset T
Slide 21: $2.0 billion sold and acquired
© 2005 SL Green Realty Corp $2.0 Billion Sold 12 non-core assets harvested $1.0 Bil of realized gains $2.0 Billion Acquired $840 Mil of SLG equity committed sold acquired 1745 Broadway 70 West 36th St.
Slide 22: New structured product with GKK
© 2005 SL Green Realty Corp New Structured Product Done in JV with GKK Equity Like Returns with Long Term Upside for AAA Equivalent Risk
Slide 23: Suburban acquisitions and dispositions
© 2005 SL Green Realty Corp Selective Acquisitions and Dispositions Two Way Success in Sharing Tenant Base with Manhattan Very High Bar Set by EOP Stamford Trade Driving market rents up Providing pool of lower rent-seeking tenants Continue Development of Sanofi Campus at 55 Corporate Drive
Slide 24: Value-added repositioning in progress
© 2005 SL Green Realty Corp Value-Added Repositioning in Progress at 4 Buildings
Slide 25: Retail and development portfolio returns
© 2005 SL Green Realty Corp Projected Portfolio Stabilized Value $1.97B Projected Portfolio Total Basis $947.8M Current SLG Cash-on-Cost 6.6% Stabilized SLG Cash-on-Cost 10.6% 2007 Recapitalizations 141 Fifth Avenue - Fixed-Rate $25M loan on HSBC Condo 1604 Broadway - Fixed-Rate $27M loan, i
Slide 26: 717 Fifth Avenue Armani and Hugo Boss
© 2005 SL Green Realty Corp Hugo Boss Rent: $9.6 mm ($418 psf) Increases: 3% per annum Term: 15 Years (2022) Option One 5-yr FMV 3rd Floor $1.5 mm ($61 psf) Rent: $5.1 mm ($223 psf) Increases: $500k April 2010 Term: 2013 Option: Two 4-yr Fixed Rent 3rd Floor Vacant Armani $25mm Termination Payment $
Slide 27: Meatpacking District, Lower East Side, SoHo
© 2005 SL Green Realty Corp Meatpacking District Lower East Side SoHo
Slide 28: Fulton Street Transit Center
© 2005 SL Green Realty Corp Fulton Street Transit Center $880 Mil City Sponsored Transportation Hub scheduled to be completed in 2009 Will incorporate six existing subway stations and connect the A,C,E,J,M,Z,R,W,2,3,4, and 5 subway lines Hundreds of thousands of daily commuters and Lower Manhattan r
Slide 29: Retail redevelopment plan
© 2005 SL Green Realty Corp After 50% 8.45% 31.5% Acquired 180 off-market in Sept. 2007; 182 to Close 1Q08 Vacate property by exercising demolition clauses and buying out tenants Build 2-4 story retail glass box after signing lease with national retailer Explore air rights upside/ additional develop
Slide 30: Structured finance originations and portfolio
© 2005 SL Green Realty Corp 2007 New Originations: $ 626.9 Mil 2007 Loan Payoffs: $ 394.8 Mil Net Originations: $ 232.1 Mil Current Structured Finance Portfolio Floating Rate 6% Fixed Rate 94% Preferred Equity 15% Motgage Participation 16% Mezzanine 70%
Slide 31: Capital stack exposure
© 2005 SL Green Realty Corp Capital Stack Exposure psf Mortgage $145 Mil $145.0 Mil $135 Mezzanine 1 $30.0 Mil $163 $15 Mil (SLG) $15 Mil (GKK) Mezzanine 2 $30.0 Mil $191 $15 Mil (SLG) $15 Mil (GKK) Mezzanine 3* $25 Mil $25.0 Mil $214 Mezzanine 4 $25.0 Mil $238 $12.5 Mil (SLG) $12.5 Mil (GKK) $255.0
Slide 32: Opportunistic investment strategy
© 2005 SL Green Realty Corp Scour Both Primary and Secondary Markets for Opportunistic Situations Busted bridge equity Defaulted debt Distressed sales Credit leased real estate Structured Finance Inject participating preferred into liquidity constrained situations Co-originations with GKK Retail Pla
Slide 33: Steven Durels
Steven Durels Executive VP | Director of Leasing & Real Property
Slide 34: Leasing transactions completed and active
© 2005 SL Green Realty Corp Completed Transactions 151 851,483 rsf 93 856,522 rsf 244 1,708,055 rsf Active Lease Negotiations 24 428,095 rsf 13 78,085 rsf 37 506,180 rsf Total Transactions 282 2,186,751 rsf As of November 30, 2007 Renewal Leases New Leases Renewal Leases New Leases
Slide 35: Expirations, leasing and occupancy
© 2005 SL Green Realty Corp (1) 2005 Expirations due to TIAA expirations at Grand Central Square (2) Projected YE total 0.40 0.60 0.43 0.75 0.84 0.70 2.30 0.73 1.26 1.33 0.85 0.99 1.62 2.23 2.36 1.72 2.19 0.63 97% 97% 96% 96% 96% 97% 98% 98% 97% 1999 2000 2001 2002 2003 2004 2005 (1) 2006 2007 (2) E
Slide 36: Leasing examples and mark-to-market
© 2005 SL Green Realty Corp 1372 Broadway Negotiated 46K sf surrender Received $240K buyout New Lease to Wal-Mart rent $28 to $50 psf (78%) 919 Third Avenue Structured 2 surrender agreements Received $260K buyout New lease to NY Marine & General Insurance Co. covering 30,615 sf ren
Slide 37: Asking rents and vacancy
© 2005 SL Green Realty Corp Source: Cushman & Wakefield $30.40 $30.56 $33.23 $40.36 $43.04 $56.56 $52.83 $48.15 $58.92 $74.47 $47.41 $45.98 $45.37 $25 $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 3Q07 psf / yr 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
Slide 38: Asking rents by floor
© 2005 SL Green Realty Corp Source: CB Richard Ellis $75 $79 $97 $110 Floors 1-9 Floors 10-19 Floors 20-29 Floors 30+
Slide 39: Leases at $80+ rents
© 2005 SL Green Realty Corp Source: Cushman & Wakefield Taking Rents $80 & Above (number of leases) 3 1 7 3 9 4 21 7 10 1 34 23 27 16 1 30 32 37 23 14 2003 2004 2005 2006 3Q07 $150+ $125 - $149.99 $100 - $124.99 $90 - $99.99 $80 - $89.99
Slide 40: Leasing activity by block size
© 2005 SL Green Realty Corp Source: Cushman & Wakefield Leasing Activity by Block Size (total sq. ft. leased – 3Q07) 17.6% 15.3% 10.6% 27.3% 29.2% 1-9,999 sqft 10,000-24,999 sq ft 25,000-49,999 sq ft 50,000-99,9999 sq ft 100,000+ sq ft
Slide 41: Midtown availabilities over 100,000 RSF
© 2005 SL Green Realty Corp Midtown Availabilities Over 100,000 RSF Source: CB Richard Ellis 4 11 29 40 27 15 15 14 0 1 2 3 4 5 6 7 8 9 2000 2001 2002 2003 2004 2005 2006 Oct. 2007 Available Sq. Ft. (Mil) 0 5 10 15 20 25 30 35 40 45
Slide 42: Tenant demand by industry
© 2005 SL Green Realty Corp Source: Cushman & Wakefield Printing & Publishing, 6% Apparel/Textile, 3% Advertising Agencies, 3% Real Estate, 3% Computer & Data Processing, 2% Other, 8% Financial Services, 36% Edu/Govt, 7% Retailers/ Wholesalers, 4% Bus Service, 9% Communications/ Media, 10% Legal ser
Slide 43: Financial services employment
© 2005 SL Green Realty Corp Source: Cushman & Wakefield (US Bureau of Labor Statistics) 400 450 500 550 600 1990 1992 1994 1996 1998 2000 2002 2004 2006 Thousands of Persons Financial Services Employment Professional Business Services
Slide 44: Financial services and hedge fund space
© 2005 SL Green Realty Corp Source: CB Richard Ellis 0 10 20 30 40 50 60 70 80 90 Rentable Sq. Ft. (in Millions) Class A Financial Services Hedge Funds
Slide 45: Manhattan employment cycles
© 2005 SL Green Realty Corp Source: Cushman & Wakefield (US Bureau of Labor Statistics) Corporate Exodus 10% Nat’l Unemployment S&L Crisis Tech Wreck US Recessions 3,100 3,200 3,300 3,400 3,500 3,600 3,700 3,800 3,900 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 19
Slide 46: Manhattan development pipeline
© 2005 SL Green Realty Corp 1. 11 Times Square SJP Properties, 1.0 msf Hotel Pennsylvania Vornado Realty Trust, 2.5 msf Extel Development Site 500,000 sf; 57th bt 6th and 7th Farley Post Office NYS Urban Development, Vornado & Related, 1.75 msf 5. Eighth Ave & 54th Street Boston Properties/Related 8
Slide 47: New construction deliveries
© 2005 SL Green Realty Corp 510 Madison Ave. 250 West 55th Street Eleven Times Square 1Q 2009 1Q 2010 3Q 2009 Macklowe Properties Boston Properties SJP Properties 300,000 sf 900,000 sf 1,100,100 sf Source: CB Richard Ellis
Slide 48: Office space built by decade
© 2005 SL Green Realty Corp Source: Cushman & Wakefield 30.9 65.3 54.6 55.9 12.5 19.9 0 10 20 30 40 50 60 70 Millions of Square Feet 1950s 1960s 1970s 1980s 1990s 2000s
Slide 49: 2008 lease expirations and mark-to-market
© 2005 SL Green Realty Corp 2008 Lx: Pre- Leasing: Remaining 2008 Lx: Avg. Escalated Rent: 1,008,174 sf 197,174 sf 810,480 sf $44 psf Limited Rental Rate Exposure Sq. Ft. Avg. Market Rent (psf) Mark to Market NOI Growth 810,480 rsf $65.22 48% $17.2 mil $63.02 43% $15.4 mil $60.82 38% $13.7 mil $58.6
Slide 50: Edward V. Piccinich
Edward V. Piccinich Executive VP Director of Management & Construction
Slide 51: Tenant satisfaction survey
© 2005 SL Green Realty Corp 65 Questions 47 7 6 5 Independent firm Services RE industry Industry standards Measures services Drives Efficiency
Slide 52: Tenant survey ratings
© 2005 SL Green Realty Corp Referral Rental Rate Tolerance Retention 2007 Ratings Overall Satisfaction
Slide 53: Green initiatives
Reclaimed Wood Recycled Gift Bags High Efficiency Lighting
Slide 54: People Profit Planet
© 2005 SL Green Realty Corp People Profit Planet
Slide 55: Manhattan LEED certification
© 2005 SL Green Realty Corp Manhattan LEED Certification Certification Level Points Required New Construction Existing Buildings Certified 32-39 0 0 Silver 40-47 1 0 Gold 48-63 5 0 Platinum 64-85 0 0 Leadership in Energy and Environmental Design
Slide 56: SL Green scorecard
© 2005 SL Green Realty Corp SL “Green” Scorecard Energy 23 Indoor Air Quality 22 Site Sustainability 14 Point Potential LEED Category 67% of our buildings are within 10 points of LEED Certification Staff Education Energy Benchmarking Retro Commissioning Building Management Systems Green Cl
Slide 57: Building energy information
© 2005 SL Green Realty Corp Building Information Energy Star Rating Energy Consumption Carbon Dioxide
Slide 58: Energy Star financial benefits
© 2005 SL Green Realty Corp Class A Tenant Demand ↔ Reduce Energy Expenses ↔ Increase Asset Value Rental Income Energy Expenses Asset Value Difference $440,000 Difference $108,000 Difference $16,209,000 CoStar Group CoStar Group $0 $2,000,000 $4,000,000 $6,000,000 $0 $20,000,000 $40,000,000 $60,000,
Slide 59: Park Avenue LEED-EB Silver
© 2005 SL Green Realty Corp 100 Park Avenue Manhattan’s 1st LEED-EB Silver $72MM Green Roof New Façade New Windows Green Cleaning New Chillers, Pumps & Motors
Slide 60: Go Green, collect green
. . .COLLECT GREEN $ Go Green. . .
Slide 61: Gregory Hughes
| Gregory Hughes Chief Operating Officer & Chief Financial Officer
Slide 62: Capitalization growth
© 2005 SL Green Realty Corp Data based on closing price of November 30, 2007 ($ in Billions) $1.0 $0.1 $1.0 $2.1 $1.5 $0.2 $1.6 $3.3 $2.6 $0.3 $1.7 $4.6 $3.4 $0.3 $2.6 $6.3 $7.0 $0.4 $2.9 $10.3 $6.6 $0.4 $6.4 $13.4 2002 2003 2004 2005 2006 2007* Debt Preferred Equity Equity
Slide 63: Capital raised by source
© 2005 SL Green Realty Corp ($ in ‘000’s) $335 $555 $454 $561 $1,526 $286 $1,076 $1,830 $600 $1,887 $2,797 $1,774 $2,555 $1,023 $5,604 $985 $464 $2,250 $2,567 $6,266 2002 2003 2004 2005 2006 2007 Mortgage Debt Unsecured Debt JV Equity Net Sales Proceeds Common & Preferred Equity
Slide 64: Gains per share and sales proceeds
© 2005 SL Green Realty Corp *Includes estimated gain on sale of 440 Ninth which is scheduled to close in January of 2008 $3.64 $1.65 $0.21 $0.46 $0.51 $0.67 $1.37 $1.21 $23.38 $8.64 $1.86 $1.91 $2.58 $5.31 $6.53 2000 2001 2002 2003 2004 2005 2006 2007* Gains Per Share (in white) Cumulative Gross Sal
Slide 65: Dividend tax treatment
© 2005 SL Green Realty Corp SL GREEN 2006 100% Taxable 0% Return of Capital OFFICE SECTOR 2006 (data from NAREIT) 87% Taxable 13% Return of Capital 30% 70% Ordinary Income Capital Gains Return of Capital
Slide 66: Credit facility availability
© 2005 SL Green Realty Corp * Gives effect to sale of 440 9th which is scheduled to close in January 2008 $314 $468 $800 $1,233 $1,500 $800 $500 $425 $0 $300 $600 $900 $1,200 $1,500 YE 2004 YE 2005 YE 2006 YE 2007 Availabiity Outstanding
Slide 67: Fixed and floating debt
© 2005 SL Green Realty Corp NET OF FLOATING RATE INVESTMENTS 31% 16% 28% 30% 19% Weighted Average Interest Rate FIXED 7.32% 6.46% 5.76% 5.69% 5.82% 5.40% FLOATING 3.26% 2.86% 3.29% 4.79% 6.33% 6.71% $ in billions) $0.7 $0.3 $1.0 $1.0 $0.6 $1.6 $1.3 $0.4 $1.7 $1.8 $0.8 $2.6 $2.1 $0.9 $3.0 $5.1 $1.3 $
Slide 68: Total unencumbered square footage
© 2005 SL Green Realty Corp Total Unencumbered Square Footage: 8,916,600
Slide 69: Cost of capital and cap rates
© 2005 SL Green Realty Corp 2004 2005 2006 2007 Variable Debt 4.0% - 5.0% 5.0% - 6/0% 6.25% - 6.75% 6.25-6.5% Fixed Debt 5.0% - 6.0% 5.0% - 6.0% 5.5% - 6.25% 5.5-6.25% Preferred Equity 7.0% - 7.5% 6.5% - 7.0% 7.0% - 7.25% 7.5%-8.0% Common Equity 8.0% - 9.0% 7.0% - 8.0% 6.0% - 7.0% 8.0%-9.0% Cap Rate
Slide 70: Quarterly property operating revenues
© 2005 SL Green Realty Corp $104 $109 $180 $207 $222 59.5% 40.5% 37.0% 28.7% 25.8% $0 $50 $100 $150 $200 $250 3Q06 4Q06 1Q07 2Q07 3Q07 0% 10% 20% 30% 40% 50% 60% 70% Quarterly Property Operating Revenues (in Millions) Mark-to-Market %
Slide 71: Incremental NOI from same-store leasing
© 2005 SL Green Realty Corp Property 2007 Leasing Activity 2007 Mark to Market 2007 NOI 2008 NOI Incremental NOI in 2008 2007 Combined Same Store Properties 865,784 44% $280,000 $300,000 $20,000 1185 Ave. of the Amercias 95,265 59% $31,800 $36,000 $4,500 485 Lexington Ave. 73,881 71% $26,900 $32,400
Slide 72: Book value and total assets
© 2005 SL Green Realty Corp *As of September 30, 2007 $2.3 $3.1 $2.8 $5.3 $3.3 $7.7 $4.6 $10.6 $10.5 $18.6 2003 2004 2005 2006 2007* Book Value Consolidated Assets Book Value Total Assets
Slide 73: Joint venture partners and realizations
© 2005 SL Green Realty Corp Property Partner ’05 ’06 ’07 2008 & After 321 West 44th Morgan Stanley RE Fund X 469 Seventh Ave. Morgan Stanley RE Fund X 180 Madison Ave. Morgan Stanley RE Fund X X 485 Lexington Ave. CIF X One Park Ave. SITQ/SEB X Bellemead Portfolio * Gale X Berger Portfolio* Blackacr
Slide 74: GKK FFO contribution to SLG
© 2005 SL Green Realty Corp *Mid-point of management guidance $ in Thousands Except for Per Share Data 2006 2007* 2008* GKK FFO Per Share $2.46 $3.03 $3.08 GKK FFO Contribution to SLG $16,000 $21,000 $26,000 Base Management Fee $10,100 $13,100 $27,000 Other Income Fee $10,500 $18,300 $20,000 MG&A ($
Slide 75: FFO per share bridge 2007 to 2008
© 2005 SL Green Realty Corp 20071: $5.75 20082: $6.15 Property NOI – Wholly Owned $7.30 Same store NOI Growth of 7%+ Leasing at 485, 1185, 1350, Tower 45 Reckson FAS adjustment $15 Mil Full year of 2007 net acquisitions (OMA) Property sales & full year ground lease 420 $8.00 Property NOI – Joint Ven
Slide 76: FFO and dividend payout and growth
© 2005 SL Green Realty Corp 1998 1999 2000 2001 2002 2003 2004 2005 2006 20071 20082 FFO PAYOUT 72.2% 61.1% 54.3% 51.7% 53.3% 53.4% 53.1% 58.7% 54.2% 48.7% 51.2% FAD PAYOUT 98.6% 92.9% 79.2% 70.9% 69.0% 75.3% 87.5% 89.0% 75.4% 62.2% 66.4% DIVIDEND GROWTH NA NA 3.6% 6.9% 14.2% 5.1% 7.5% 8.0% 11.1% 16
Slide 77: Implied platform value and cap rate
© 2005 SL Green Realty Corp Total Enterprise Value @$100 per share $13,000 Suburban Properties at Book $(1,510) Retail, Development and Land $(600) Structured Finance at 1.2 Book $(865) GKK stock at $24 per share $(185) Other : One Mad Air Rights, Promotes GKK Manager $(400) Contract Price 440 Ninth
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Slide 79: Cushman & Wakefield disclaimer
© 2005 SL Green Realty Corp DISCLAIMER Cushman & Wakefield is not providing any investment advice and all information contained herein is for educational purposes only. The aim of this material is to inform and not to advise. The reader is expressly advised that investment outcomes are often subject
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