Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 130

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 130
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 agreement, such as percentage of sales at the property. Percentage rents will be recognized in the periods in which they are incurred.The table below summarizes our current lease arrangements as of 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.)December 31, 2024    

Property (1)Year of Current ExpirationYear of Final Expiration (2)711 Third Avenue (3)203320831185 Avenue of the Americas20432043SL Green Headquarters at One Vanderbilt Avenue (4)20432048420 Lexington Avenue20502080SUMMIT One Vanderbilt2058207015 Beekman (5)(6)21192119(1)All leases are classified as operating leases unless otherwise specified.(2)Reflects exercise of all available extension options.(3)The Company owns 50% of the fee interest.(4)In March 2021, the Company commenced its lease for its corporate headquarters at One Vanderbilt Avenue. See note 10, "Related Party Transactions."(5)The Company has an option to purchase the ground lease for a fixed price on a specific date. The lease is classified as a financing lease.(6)In August 2020, the Company entered into a long-term sublease with an unconsolidated joint venture as part of the capitalization of the 15 Beekman development project. See Note 6, "Investments in Unconsolidated Joint Ventures."The following is a schedule of future minimum lease payments as evaluated in accordance with ASC 842 for our financing leases and operating leases with initial terms in excess of one year as of December 31, 2024 (in thousands):Financing leasesOperating leases2025$3,228 $53,595 20263,276 53,734 20273,325 53,746 20283,375 54,211 20293,426 54,443 Thereafter193,368 1,154,422 Total minimum lease payments$209,998 $1,424,151 Amount representing interest(103,145)— Amount discounted using incremental borrowing rate— (613,162)Total lease liabilities$106,853 $810,989 The following table provides lease cost information for the Company's operating leases for the years ended December 31, 2024, 2023 and 2022 (in thousands):Year Ended December 31