Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 134

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 134
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 in 2024 due to increased variable expenses.

Interest expense and amortization of deferred financing costs, net of interest

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to a decrease in interest capitalization at properties that are under development or redevelopment ($15.8 million), the consolidation of 100 Park Avenue ($12.2 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($4.8 million). These increases were offset by decreased interest expense from the revolving credit facility ($10.1 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($4.0 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the six months ended June 30, 2025, compared to $3.8 billion for the six months ended June 30, 2024. The consolidated weighted average interest rate was 5.38% for the six months ended June 30, 2025, as compared to 5.20% for the six months ended June 30, 2024.

SUMMIT Operator tax benefit (expense)

The increase in SUMMIT Operator tax expense for the six months ended June 30, 2025 as compared to the same period in 2024 is attributable to a 2023 tax reduction adjustment recorded in the first quarter of 2024.

Interest expense on senior obligations of consolidated securitization vehicles

During the three months ended September 30, 2024 and the six months ended June 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the six months ended June 30, 2024.

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Loss on sale of real estate, net

Loss on sale of real estate, net decreased primarily due to a loss recognized on the sale of 719 Seventh Avenue ($2.0 million) during the six months ended June