Sl Green Realty Corp · NYSE:SLG
Sl Green Realty — Merger or Acquisition (June 2015)
8 slides from Sl Green Realty's merger presentation, Jun 9, 2015
Slide 1: 11 Madison Avenue Investment Strategy
11 MADISON AVENUE INVESTMENT STRATEGY 1
Slide 2: The Purchase
The Purchase Properties owned by SL Green Realty Corp. 2 11 MADISON AVENUE – INVESTMENT STRATEGY • 29-story, 2.3M SF Class A office property located in the heart of Midtown South • Acquisition price of $2.285B (plus $300M of lease stipulated costs over time) • Expected to close in the third quarter
Slide 3: The Strategic Rationale
The Strategic Rationale 1 After burn off of applicable free rent and full expenditure of lease stipulated costs 2 Funds From Operations 3 11 MADISON AVENUE – INVESTMENT STRATEGY • Addition of another trophy asset to SL Green’s core portfolio • Near-term stabilized cap rate of 4.6%1 - higher than rec
Slide 4: The Funding Plan
The Funding Plan 1 Net Asset Value 2 Pending new investments separate from 11 Madison 4 11 MADISON A VENUE – INVESTMENT STRATEGY PROJECTED U SES ($ IN BILLIONS ) 11 Madison Pipeline Investment Activity 2 $2.4 0.4 Total Uses $2.8 PROJECTED SOURCES ($ IN BILLIONS ) 11 Madison Financing Asset Sales & R
Slide 5: The Funding Plan (Cont.)
The Funding Plan (Cont.) ($ IN MILLIONS ) 131-137 Spring Street Tower 45 (120 W 45th) 609 Fifth Avenue 1 885 Third Avenue 1 Sale of property reduces SLG’s potential retail portfolio mark-to-market accretion by $14M - $16M after 2018 5 11 MADISON AVENUE – INVESTMENT STRATEGY PROPERTY TYPE # OF ASSETS
Slide 6: An Accretive Execution
An Accretive Execution guidance(12.0) – (11.5) 1 Management’s estimates 6 11 MADISON AVENUE – INVESTMENT STRATEGY ($ IN MILLIONS ) 2016 2017 2018 11 Madison Asset Sales Refinancing / Recapitalization Pipeline Investment Activity $56.0 – $57.5 (38.5) – (37.0) (1.5) – (1.0) 8.0 – 9.0 $59.0 – $60.5 (44
Slide 7: Forward Looking Statements and Disclaimer
Forward Looking Statements and Disclaimer This presentation contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. All statements included in this presentation, other than statements of historical fact, that address activities, events or developmen
Slide 8: CORPORATE HEADQUARTERS: LEXINGTON AVENUE, NEW YORK, NY 0170 I GENERAL INQUIRIES: 212.594.2700 WWW.SLGREEN.COMINYSE: SLG
CORPORATE HEADQUARTERS: 420 LEXINGTON AVENUE, NEW YORK, NY 10170 I GENERAL INQUIRIES: 212.594.2700 WWW.SLGREEN.COMINYSE: SLG 9 MADISON AVENUE – INVESTMENT STRATEGY