Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 71

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 71
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 is the formation of a new entity without an accounting acquirer, (ii) a joint venture measures its identifiable net assets and goodwill, if any, at the formation date, (iii) initial measurement of a joint venture's total net assets is equal to the fair value of 100 percent of the joint venture's equity, and (iv) a joint venture provides relevant disclosures. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We adopted this guidance on January 1, 2025 and do not believe it will have a material impact on our consolidated financial statements.

3. Property Acquisitions and Consolidations

Property Acquisitions The following table summarizes the properties acquired during the six months ended June 30, 2025:PropertyAcquisition DateProperty TypeApproximate Square FeetGross Asset Valuation(in millions) (1)500 Park AvenueJanuary 2025Fee Interest201,411$127.0 (1)Represents the gross asset valuation of the property net of closing costs and adjustments.Property ConsolidationsDuring the six months ended June 30, 2025, we did not consolidate any existing unconsolidated joint venture properties.Acquisition of Subsidiary Interest from Noncontrolling Interest

In 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.

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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)

4. Properties Held for Sale and Property Dispositions

Properties Held for Sale As of June 30, 2025, no properties were classified as held for sale.Property DispositionsThe following table summarizes the properties sold during the six months ended June 30, 2025:PropertyDisposition DateProperty TypeUnaudited Approximate Usable Square FeetSales Price (1)(in millions)Gain on Sale (in millions)Giorgio Armani Residences at 760 Madison