Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 12

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 12
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Total early renewals248,223 260,380 $78.23 $77.27 $39.58 4.6 6.8 Total commenced leases, including replaced previous vacancy  •       Office1,378,296 $74.52 $88.52 $110.47 10.5 9.6 •       Retail 17,798 $106.23 $145.91 $46.72 8.1 17.6 •       Storage 8,686 $45.30 $22.28 $16.35 7.6 9.6 Total commenced leases1,404,780 $74.74 $89.49 $109.08 10.4 9.7    

(1)Annual initial base rent.

(2)Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

(3)Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.

(4)Average starting office rent excluding new tenants replacing vacancies was $77.24 per rentable square feet for 232,940 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $79.27 per rentable square feet for 334,144 rentable square feet.

SUMMIT Operator revenue

SUMMIT Operator revenues were lower for the six months ended June 30, 2025 as compared to the same period in 2024 due primarily to taking the Ascent experience offline for maintenance, which is a premium ticket that generates incremental revenue. 

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Investment income

Investment income increased primarily due to interest payments received on one CMBS investment ($10.0 million) during the six months ended June 30, 2025. This increase was partially offset by a lower weighted average debt and preferred equity investment balance and weighted average yield for the six months ended June 30, 2025 as compared to the same period in 2024. For the six months ended June 30, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $326.5 million and 6.0%, respectively, as compared