Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 65

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 65
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 partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets at March 31, 2025 and December 31, 2024.(8)The 25.1% economic interest reflected in this table excludes a 25.0% economic interest held by a third party. The third-party's economic interest is held in a joint venture that we consolidate as a 50.1% ownership interest. The third-party's 25.0% economic interest is recognized in Noncontrolling interests in other partnerships on our consolidated balance sheet. A separate third-party owns the remaining 49.9% economic interest in the property.(9)In connection with the sale of the fee ownership in the property, which closed in May 2024, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $219.4 million with an aggregate weighted average current yield of 8.81% as of March 31, 2025.Disposition of Joint Venture Interests or PropertiesWe did not dispose of any investments in unconsolidated joint ventures during the three months ended March 31, 2025.Joint Venture Mortgages and Other Loans PayableWe generally finance our joint ventures with non-recourse debt. In certain cases, we may provide guarantees or master leases, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases as of March 31, 2025 and December 31, 2024, respectively, are as follows (dollars in thousands):

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)March 31, 2025(unaudited)

Principal OutstandingPrincipal OutstandingEconomicCurrent MaturityFinal Maturity InterestMarch 31, 2025December 31, 2024PropertyInterest (1)DateDate (2)Rate (3)GrossSLG ShareGrossSLG ShareFixed Rate Debt:115 Spring Street (4)51.00 %March 2025 (5)March