Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 95

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 95
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, 2024, we recorded a gain of $5.2 million, based on the changes in fair value of a forward-starting interest rate swap, which is included in Purchase price and other fair value adjustments in the consolidated statements of operations.  During the three months ended March 31, 2025, we recorded a loss of less than $0.1 million on the changes in fair value, which is included in interest expense in the consolidated statements of operations. During the three months ended March 31, 2024, we recorded a loss of less than $0.1 million on the changes in fair value, which is included in interest expense in the consolidated statements of operations.Certain agreements the Company has with each of its derivative counterparties contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31, 2025, the fair value of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was ($13.8 million). As of March 31, 2025, the Company was not required to post any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $14.4 million as of March 31, 2025.Gains and losses on terminated hedges are included in accumulated other comprehensive income, and are recognized into earnings over the term of the related obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that ($39.1 million) of the current balance held in accumulated other comprehensive income will be reclassified into interest expense and ($0.1 million) of the portion related to our share of joint venture accumulated other comprehensive income will be reclassified into equity in net loss from unconsolidated joint ventures within the next 12 months.The following table presents the effects of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2025 and 2024, respectively (in thousands): Amount of Gain Recogn