Aramark

INDIANAPOLIS--(BUSINESS WIRE)---- $ARMK--Indianapolis Zoo and Aramark Sports + Entertainment (Aramark; NYSE: ARMK), the award-winning food and beverage partner at premier cultural attractions and entertainment destinations across North America, today officially announced a new partnership that makes Aramark the Zoo's exclusive hospitality provider. “We're looking forward to partnering with the Indianapolis Zoo to offer new dining experiences that match the Zoo's lively atmosphere and attractions,” said A.» Mehr auf businesswire.com

TABLE OF CONTENTS Definitions aAdsList.push('Article'); aAdsListSize.push([300, 250]); aAdsListCA.push(null); 4 Highlights 6 - 11 Comparative Balance Sheets 12 Comparative Statements of Operations 14 Comparative Computation of FFO and FAD 15 Consolidated Statement of Equity 16 Joint Venture Statements 17 - 18 Selected Financial Data 19 - 22 Debt Summary Schedule 23 - 25 Derivative Summary Schedule 26 Lease Liability Schedule 27 Debt and Preferred Equity Investments 28 - 30 Selected Property Data Property Portfolio 31 - 35 Largest Tenants 36 Tenant Diversification 37 Leasing Activity 38 - 39 Lease Expirations 40 - 42 Summary of Real Estate Acquisition/Disposition Activity 43 - 47 Non-GAAP Disclosures and Reconciliations 48 Analyst Coverage 51 Executive Management 52 Supplemental Information 3 First Quarter 2025 DEFINITIONS Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12. ASP - Alternative strategy portfolio. Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company's equity investment in those properties multiplied by the Company's consolidated weighted average borrowing rate. Capitalized Interest is a component of the carrying value of a development or redevelopment property. CMBS Investments - Investments in commercial mortgage-backed securities. Consolidated securitization vehicle - CMBS securitization trusts for which the terms of our investment and special servicing assignment give us the ability to direct the activities that could significantly impact the trust's economic performance Debt service coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by total interest and principal payments. Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs which are generally incurred during the first 4-5 years following acquisition of a property. Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends. Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by Fixed Charge. The calculation of fixed charge coverage for purposes of our credit facility covenants is governed by the terms of the credit facility. Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro- rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring capital expenditures. Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Junior Mortgage Participations - Subordinate interests in first mortgages. Mezzanine Debt - Loans secured by ownership interests in real estate. Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss. Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns. Recurring capital expenditures - Building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include building improvements that are incurred to bring a property up to "operating standards." Redevelopment costs - Non-recurring capital expenditures incurred to improve properties to the Company's operating standards. Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured at inception as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. Supplemental Information 4 First Quarter 2025 DEFINITIONS Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development and redevelopment properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2025 are as follows: Added to Same-Store in 2025: Removed from Same-Store in 2025: 7 Dey Street 10 East 53rd Street (interest acquired) 760 Madison Avenue - Retail 15 Beekman Street 245 Park Avenue Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs. SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership or economic interest in the respective joint ventures and may not accurately depict the legal and/or economic implications of holding a non-controlling interest in the respective joint ventures. Total square feet owned - The total square footage of properties either owned directly by the Company or in which the Company has a joint venture interest. Supplemental Information 5 First Quarter 2025 FIRST QUARTER 2025 HIGHLIGHTS Unaudited NEW YORK, April 16, 2025 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2025 of $21.1 million, or $0.30 per share, as compared to a net income of $13.1 million, or $0.20 per share, for the same quarter in 2024. The Company reported FFO for the quarter ended March 31, 2025 of $106.5 million or $1.40 per share, inclusive of $25.0 million, or $0.33 per share, of income related to the expected resolution of a commercial mortgage investment and net of $3.1 million, or $0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $215.4 million, or $3.07 per share, for the same period in 2024, which included $141.7 million, or $2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and $5.1 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. All per share amounts are presented on a diluted basis. Operating and Leasing Activity Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 2.6% for the first quarter of 2025, or 2.4% excluding lease termination income, as compared to the same period in 2024. During the first quarter of 2025, the Company signed 45 office leases in its Manhattan office portfolio totaling 602,105 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2025 was $83.75 per rentable square foot with an average lease term of 9.8 years and average tenant concessions of 9.4 months of free rent with a tenant improvement allowance of $94.35 per rentable square foot. Twenty-four leases comprising 361,131 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $82.29 per rentable square foot, representing a 3.1% decrease over the previous fully escalated rents on the same office spaces. The Company has a current, active pipeline of prospective leases of more than 1.1 million square feet. Occupancy in the Company's Manhattan same-store office portfolio was 91.8% as of March 31, 2025, consistent with the Company's expectations, inclusive of 791,538 square feet of leases signed but not yet commenced, as compared to 92.4% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025. Significant leasing activity in the first quarter includes: Early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue; Expansion lease with IBM for 92,663 square feet at One Madison Avenue; Renewal with M. Shanken Communications, Inc. for 38,652 square feet at Worldwide Plaza; Expansion lease with Ares Management LLC for 38,074 square feet at 245 Park Avenue; Early renewal with Brixmor Operating Partnership for 18,655 square feet at 100 Park Avenue; New leases of 18,128 square feet and 16,643 square feet with Sichenzia Ross Ferrance Carmel LLP and Lankler Siffert & Wohl LLP, respectively, at 1185 Avenue of the Americas; and New lease with Phillips Lytle LLP for 17,320 square feet at 810 Seventh Avenue. Supplemental Information 6 First Quarter 2025 FIRST QUARTER 2025 HIGHLIGHTS Unaudited Investment Activity In April, together with its joint venture partner, the Company closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million. The transaction generated net proceeds to the Company of $3.2 million. In January, the Company closed on the previously announced acquisition of 500 Park Avenue for $130.0 million. The Company financed the acquisition with a new $80.0 million mortgage, which has a term of up to 5 years, as fully extended, and bears interest at a floating rate of 2.40% over Term SOFR. The Company swapped the mortgage to a fixed rate of 6.57% through February 2028. In April, the Company exercised its purchase option and closed on the acquisition of its partner's 49.9% interest in 100 Park Avenue for cash consideration of $14.9 million. During the first quarter of 2025, the Company closed on six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million. Debt and Preferred Equity Investment Activity The carrying value of the Company's debt and preferred equity portfolio was $537.6 million at March 31, 2025, including $219.4 million representing the Company's share of the preferred equity investment in 625 Madison Avenue that is accounted for as an unconsolidated joint venture. The portfolio had a weighted average current yield of 7.5% as of March 31, 2025, or 8.7% excluding the effect of $63.0 million of investments that are on non-accrual. During the first quarter of 2025, the Company invested $28.3 million in real estate debt and commercial mortgage-backed securities ("CMBS"). Special Servicing and Asset Management Activity The Company's special servicing business has active assignments totaling $4.8 billion with an additional $10.9 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing. Since inception, the Company's cumulative special servicing and asset management appointments total $25.2 billion. ESG Highlights The Company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating. The Company was recognized in USA TODAY 2025 ranking of America's Climate Leaders, leading the way in cutting greenhouse gas emissions. This designation reflects our ongoing commitment to sustainability, transparency, and meaningful climate action. The Company ranked in the 95th percentile of global peer set assessed by S&P CSA (DJSI) and listed as a Sustainability Yearbook Member for the fourth consecutive year. Out of the more than 7,800 companies assessed in 2024, only 712 are recognized. Supplemental Information 7 First Quarter 2025 FIRST QUARTER 2025 HIGHLIGHTS Unaudited Dividends In the first quarter of 2025, the Company declared: Three monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on February 18, March 17 and April 15, 2025; A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2025 through and including April 14, 2025, which was paid in cash on April 15, 2025, and is the equivalent of an annualized dividend of $1.625 per share. Conference Call and Audio Webcast The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 17, 2025, at 2:00 p.m. ET to discuss the financial results. Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under "Financial Reports." The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under "Presentations & Webcasts." Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/ BIdde2e541628a4c588c74cb1d1871805d. Supplemental Information 8 First Quarter 2025 KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) As of or for the three months ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Earnings Per Share Net (loss) income available to common stockholders (EPS) - diluted $ (0.30) $ 0.13 $ (0.21) $ (0.04) $ 0.20 Funds from operations (FFO) available to common stockholders - diluted $ 1.40 $ 1.81 $ 1.13 $ 2.05 $ 3.07 Common Share Price & Dividends Closing price at the end of the period $ 57.70 $ 67.92 $ 69.61 $ 56.64 $ 55.13 Closing high price during period $ 68.38 $ 81.13 $ 72.21 $ 57.38 $ 55.13 Closing low price during period $ 55.58 $ 66.24 $ 54.99 $ 48.32 $ 42.45 Annual dividend per common share $ 3.09 $ 3.09 $ 3.00 $ 3.00 $ 3.00 FFO dividend payout ratio (trailing 12 months) 47.4% 37.3% 43.6% 43.7% 48.8% Funds available for distribution (FAD) dividend payout ratio (trailing 12 months) 75.6% 52.3% 53.1% 54.2% 63.8% Common Shares & Units Common shares outstanding 71,016 71,097 65,235 64,814 64,806 Units outstanding 5,010 4,510 4,474 4,299 4,417 Total common shares and units outstanding 76,026 75,607 69,709 69,113 69,223 Weighted average common shares and units outstanding - basic 74,527 70,654 67,999 68,740 68,767 Weighted average common shares and units outstanding - diluted 76,333 72,915 69,733 70,180 70,095 Market Capitalization Market value of common equity $ 4,386,700 $ 5,135,227 $ 4,852,443 $ 3,914,560 $ 3,816,264 Liquidation value of preferred equity/units and redeemable equity 426,016 426,064 396,730 396,730 396,500 Consolidated debt 3,876,727 3,621,024 3,833,798 3,639,892 3,801,378 Consolidated market capitalization $ 8,689,443 $ 9,182,315 $ 9,082,971 $ 7,951,182 $ 8,014,142 SLG share of unconsolidated JV debt 6,033,918 6,027,862 6,876,416 6,866,190 7,087,348 Market capitalization including SLG share of unconsolidated JVs $ 14,723,361 $ 15,210,177 $ 15,959,387 $ 14,817,372 $ 15,101,490 Consolidated debt service coverage (trailing 12 months) 3.49x 3.80x 3.36x 3.26x 2.82x Consolidated fixed charge coverage (trailing 12 months) 2.83x 3.08x 2.72x 2.63x 2.32x Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.83x 1.91x 1.73x 1.69x 1.59x Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.66x 1.74x 1.58x 1.54x 1.44x Supplemental Information 9 First Quarter 2025 KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) As of or for the three months ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Selected Balance Sheet Data Real estate assets before depreciation $ 6,678,906 $ 6,607,741 $ 6,289,894 $ 6,264,757 $ 6,260,955 Investments in unconsolidated joint ventures $ 2,712,582 $ 2,690,138 $ 2,871,683 $ 2,895,399 $ 2,984,786 Debt and preferred equity investments $ 318,189 $ 303,726 $ 293,924 $ 290,487 $ 352,347 Cash and cash equivalents $ 180,133 $ 184,294 $ 188,216 $ 199,501 $ 196,035 Investment in marketable securities $ 12,295 $ 22,812 $ 16,522 $ 16,593 $ 10,673 Total assets $ 11,410,623 $ 10,470,099 $ 10,216,072 $ 9,548,652 $ 9,764,292 Consolidated fixed rate & hedged debt $ 3,367,361 $ 3,257,474 $ 3,287,898 $ 3,039,399 $ 3,040,885 Consolidated variable rate debt 509,366 363,550 485,000 540,000 650,000 Consolidated ASP debt - - 60,900 60,493 110,493 Total consolidated debt $ 3,876,727 $ 3,621,024 $ 3,833,798 $ 3,639,892 $ 3,801,378 Deferred financing costs, net of amortization (15,275) (14,242) (12,903) (14,304) (15,875) Total consolidated debt, net $ 3,861,452 $ 3,606,782 $ 3,820,895 $ 3,625,588 $ 3,785,503 Total liabilities $ 6,972,478 $ 5,915,143 $ 6,135,743 $ 5,358,337 $ 5,521,908 Fixed rate & hedged debt, including SLG share of unconsolidated JV debt $ 8,827,482 $ 8,711,539 $ 8,975,687 $ 8,720,916 $ 8,418,284 Variable rate debt, including SLG share of unconsolidated JV debt (1) 509,366 363,550 732,761 785,013 1,429,640 ASP debt, including SLG share of unconsolidated ASP JV debt 573,797 573,797 1,001,766 1,000,153 1,040,802 Total debt, including SLG share of unconsolidated JV debt $ 9,910,645 $ 9,648,886 $ 10,710,214 $ 10,506,082 $ 10,888,726 Selected Operating Data Property operating revenues $ 163,019 $ 156,930 $ 156,933 $ 150,632 $ 141,504 Property operating expenses (99,385) (89,129) (86,701) (84,759) (81,619) Property NOI $ 63,634 $ 67,801 $ 70,232 $ 65,873 $ 59,885 SLG share of unconsolidated JV Property NOI 113,876 118,072 122,936 117,506 116,741 Property NOI, including SLG share of unconsolidated JV Property NOI $ 177,510 $ 185,873 $ 193,168 $ 183,379 $ 176,626 SUMMIT Operator revenue 22,534 38,571 36,437 32,602 25,604 Investment income, including SLG share of unconsolidated JV 21,032 10,463 10,089 7,911 7,403 Interest income from real estate loans held by consolidated securitization vehicles, net 2,009 2,905 1,441 - - Other income, including SLG share of unconsolidated JV 23,518 31,805 26,894 35,077 17,162 Gain on early extinguishment of debt, including SLG share of unconsolidated JV - 25,985 - 48,482 141,664 SUMMIT Operator expenses (21,764) (28,792) (37,901) (23,188) (21,858) Transaction costs, including SLG share of unconsolidated JVs (295) (138) (171) (76) (16) Marketing general & administrative expenses (21,724) (22,827) (21,015) (20,032) (21,313) Income taxes 653 2,324 1,406 1,230 606 EBITDAre $ 228,512 $ 246,169 $ 210,348 $ 265,385 $ 325,878 (1) Does not reflect floating rate debt and preferred equity investments that provide a hedge against floating rate debt. Supplemental Information 10 First Quarter 2025 Attention: This is an excerpt of the original content. To continue reading it, access the original document here. AttachmentsOriginal documentPermalinkDisclaimer SL Green Realty Corporation published this content on April 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 17, 2025 at 12:04 UTC.» Mehr auf marketscreener.com

PHILADELPHIA--(BUSINESS WIRE)--Aramark (NYSE:ARMK), a global leader in food and facilities management, announced that it will host a conference call to review its second quarter fiscal 2025 results on Tuesday, May 6, 2025 at 8:30 a.m. ET. A news release containing the results will be issued before the call. The conference call will be broadcast live on the Aramark Investor Relations website. Those parties interested in participation via dial-in may register here. Once registration is completed,.» Mehr auf businesswire.com