Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 79

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 79
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 indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC Topic 860, Transfers and Servicing ("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 June 30, 2025 and December 31, 2024.(7)The 25.1% economic interest reflected in this table is net of 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.(8)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. In June 2025, pursuant to the sale of 50% of the investment, the Company recorded a charge of $14.5 million, which is included in "Equity in net (loss) income from unconsolidated joint ventures" in the consolidated statements of operations. The Company's share of the investment, net of unamortized discounts and loan loss reserves, is $209.7 million with an aggregate weighted average current yield of 8.76% as of June 30, 2025.

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)June 30, 2025(unaudited)

Disposition of Joint Venture Interests or PropertiesThe following table summarizes the investments in unconsolidated joint ventures sold during the six months ended June 30, 2025.PropertyOwnership Interest SoldDisposition DateGross Asset Valuation (in millions)Loss on Sale (in millions) (1) (2)85 Fifth Avenue36.27%April 2025$46.8 $(1.9)(1)Represents the Company's share of the loss.(2)For the six months ended June 30, 2025, the loss on sale is net of $2.0 million of employee compensation recognized