Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 6

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 2
Chunk 6
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MIT Operator expenses

SUMMIT Operator expenses were lower for the three months ended September 30, 2025 as compared to the same period in 2024 due to decreased variable expenses.

Transaction related costs

Transaction related costs increased for the three months ended September 30, 2025 as compared to the same period in 2024 due primarily to the write off of expenses related to the Company's pursuit of a gaming license. 

Marketing, general and administrative

Marketing, general, and administrative expenses increased to $23.7 million for the three months ended September 30, 2025, as compared to $21.0 million for the same period in 2024 due primarily to higher compensation expenses.

Interest expense, net of interest income

Interest expense, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($6.6 million) at the end of the fourth quarter of 2024 and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($2.8 million) in the third quarter of 2024. These increases were offset by decreased interest expense from the revolving credit facility ($5.9 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($1.5 million) in the fourth quarter of 2024. The consolidated weighted average interest rate was 5.37% for the three months ended September 30, 2025, as compared to 5.05% for the three months ended September 30, 2024.

SUMMIT Operator tax (expense) benefit

SUMMIT Operator tax expense increased for the three months ended September 30, 2025 as compared to the same period in 2024 due to an adjustment made in the third quarter of 2024 related to 2023 projected tax expense being more than 2023 actual tax expense.

Interest expense on senior obligations of consolidated securitization vehicles

During the three months ended September 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third-party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense. 

68

Depreciation and amortization