Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 71

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 71
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 Partnership, L.P.Notes to Consolidated Financial Statements (cont.)September 30, 2025(unaudited)

Acquisition of Subsidiary Interest from Noncontrolling InterestIn December 2024, the Company amended the 100 Park Avenue joint venture agreement with its partner. As a result of the amended terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. In April 2025, pursuant to a purchase option in the amended joint venture agreement, the Company closed on the acquisition of its joint venture partner's 49.9% interest, primarily through the conversion of the joint venture partner's outstanding loan with us.

4. Properties Held for Sale and Property Dispositions

Properties Held for Sale As of September 30, 2025, no properties were classified as held for sale.Property DispositionsThe following table summarizes the properties sold during the nine months ended September 30, 2025:PropertyDisposition DateProperty TypeUnaudited Approximate Usable Square FeetSales Price (1)(in millions)Gain on Sale (in millions)Giorgio Armani Residences at 760 Madison Avenue (6 Condominium Units)Multiple During Q1 2025Fee Interest19,185 $99.3 $0.2 (1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

5. Debt and Preferred Equity Investments

Below is a summary of the activity in our consolidated debt and preferred equity investments for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024 (in thousands):September 30, 2025December 31, 2024Balance at beginning of year (1)$303,726 $346,745 Debt investment originations/fundings/accretion (2)13,921 12,890 Preferred equity investment originations/accretion (2) (3)2,233 8,720 Redemptions/sales/syndications/equity ownership/amortization(148,168)(64,629)Net change in loan loss reserves(300)— Balance at end of period (1) (4)$171,412 $303,726 (1)Net of unamortized fees, discounts, and premiums.(2)Accretion includes amortization of fees and discounts and paid-in-kind