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Tuesday, 02 June 2020

SL Green Collects 84.7 Percent of May Rent

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SL Green Realty Corp. collected 84.7 percent of the rent it was owed last month, down from the 89.1 percent collection rate it posted in April.

The New York REIT's office tenants paid 91.1 percent of their rent, while retail tenants paid 54.7 percent. In contrast, it collected 95.1 percent of rents due from its office tenants and 63.3 percent from its retail tenants in April.

But the company said it expects May collections to improve in the coming weeks as tenants are just taking longer to pay than usual.

Meanwhile, SL Green has increased the amount of cash it holds to nearly $1.2 billion, up from the $579.5 million it held at the end of March. The REIT has raised cash in part by drawing down $150 million on a credit facility, along with selling the 29,200-square-foot retail condominium at 609 Fifth Ave. in Manhattan for $168 million. It's also generated cash from its debt investments, some of which it sold. Those include a $100 million construction loan against the 223-unit Gramercy Square residential condominium project in Manhattan.

"In the current environment, cash is king," said Matt DiLiberto, SL Green's chief financial officer, during a conference call with analysts in late April. "Having $1 billion of cash provides us an enormous amount of protection for many years to come."

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Leases (LSE), Mortgages/Financing (MOR), REITS -general (REITS), Research (RES)
  • Company: S.L. Green Realty
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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