Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 93

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 93
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losures regarding fair value of financial instruments was based on pertinent information available to us as of March 31, 2025 and December 31, 2024.

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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)

17. Financial Instruments: Derivatives and Hedging

In the normal course of business, we use a variety of commonly used derivative instruments, including, but not limited to, interest rate swaps, caps, collars and floors, to manage interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments.The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments as of March 31, 2025 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).NotionalValueStrikeRateEffectiveDateExpirationDateBalance Sheet LocationFairValueInterest Rate Cap$370,000 3.250 %June 2024June 2025 Other Assets $796 Interest Rate Cap370,000 3.250 %June 2024June 2025 Other Liabilities (794)Interest Rate Cap68,678 4.000 %August 2024July 2025 Other Liabilities (54)Interest Rate Swap150,000 2.621 %December 2021January 2026 Other Assets 1,566 Interest Rate Swap200,000 2.662 %December 2021