Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 119

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 119
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 Estate SegmentSUMMIT SegmentDPE SegmentTotalTotal revenues$183,139 $36,437 $10,115 $229,691 Expenses:SUMMIT Operator expenses— 37,901 — SUMMIT Operator tax benefit— (1,779)— Operating Expenses49,507 — — Real Estate Taxes30,831 — — Operating lease rent6,363 — — Net operating income from unconsolidated joint ventures$53,001 Real Estate segment Net operating income$149,439 $149,439 Equity in net income from unconsolidated joint ventures— 4,745 Depreciation and amortization(677)— Interest expense, net of interest income— (8,288)Interest expense on senior obligations of consolidated securitization vehicles— (3,330)SUMMIT and DPE Net income (loss)$(362)$3,242 $2,880 Non-operating net loss from unconsolidated joint ventures(73,174)Marketing, general and administrative expense(21,015)Transaction related costs(171)Gain on sale of real estate, net7,471 Purchase price and other fair value adjustments12,906 Equity in net gain on sale of interest in unconsolidated joint venture/real estate371 Depreciation and amortization(52,499)Amortization of deferred financing costs(1,669)Interest expense, net of interest income(33,803)Net Loss$(9,264)For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales. There were no transactions between the above three segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."

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Table of Contents

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

SL Green Realty Corp., which is referred to as SL Green or the Company, a Maryland corporation, and