Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 70

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 70
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 venture's separate financial statements. The objectives of the amendments are to provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and reduce diversity in practice. The amendments require that a joint venture apply the following key adaptations from the business combinations guidance upon formation: (i) a joint venture is the formation of a new entity without an accounting acquirer, (ii) a joint venture measures its identifiable net assets and goodwill, if any, at the formation date, (iii) initial measurement of a joint venture's total net assets is equal to the fair value of 100 percent of the joint venture's equity, and (iv) a joint venture provides relevant disclosures. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We adopted this guidance on January 1, 2025 and do not believe it will have a material impact on our consolidated financial statements.

3. Property Acquisitions and Consolidations

Property Acquisitions The following table summarizes the properties acquired during the nine months ended September 30, 2025:PropertyAcquisition DateProperty TypeApproximate Square FeetGross Asset Valuation(in millions) (1)500 Park AvenueJanuary 2025Fee Interest201,411$127.0 (1)Represents the gross asset valuation of the property net of closing costs and adjustments.Property ConsolidationsThe following table summarizes the properties consolidated during the nine months ended September 30, 2025:PropertyConsolidation DateProperty TypeApproximate Square FeetGross Asset Valuation(in millions) (2)315 West 33rd Street (1)September 2025Fee Interest435,349$384.5 (1)In September 2025, the Company, as the holder of the preferred equity interest in the entity, took control over the management of the underlying property. As a result, it was concluded that the entity is a VIE in which the Company is the primary beneficiary, and the entity was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. See Note 16, "Fair Value Measurements". Prior to September 2025, the preferred equity interest was included in "Debt and preferred equity investments" in our consolidated balance sheet.(2)Represents the gross asset valuation of the property net of closing costs and adjustments.

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Table of ContentsSL Green Realty Corp. and SL Green Operating