Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 128

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 128
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 Avenue ($7.6 million)

Purchase price and other fair value adjustments

During the three months ended June 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of the Palisades Conference Center and a $1.2 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended June 30, 2024, we recorded $1.3 million of positive fair value adjustments related to derivatives that are not designed as hedges.

Loss on sale of real estate, net 

Loss on sale of real estate, net decreased primarily due to a loss recognized on the sale of 719 Seventh Avenue ($2.0 million) during the three months ended June 30, 2024.

Depreciable real estate reserves and impairment

During the three months ended June 30, 2025, we did not recognize any depreciable real estate reserves and impairment.  During the three months ended June 30, 2024, we recognized a depreciable real estate reserve and impairment related to the condominium units at 760 Madison Avenue ($13.7 million), reflective of $13.2 million of capitalized interest.

Gain on early extinguishment of debt

During the three months ended June 30, 2025, we did not recognize any gain on the extinguishment of debt. During the three months ended June 30, 2024, we recognized a $17.8 million gain on discounted debt extinguishment at 719 Seventh Avenue.

Loan loss and other investment reserves, net of recoveries

During the three months ended June 30, 2025, we recognized a loan loss recovery of $46.6 million related to the repayment of the commercial mortgage investment at 522 Fifth Avenue during the period. 

Gain on sale of  marketable securities

During the three months ended June 30, 2025, we recognized a gain on marketable securities sold during the period ($10.2 million).

Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024 

The following comparison for the six months ended June 30, 2025, or 2025, to the six months ended June 30, 2024, or 2024, makes reference to the effect of the following:

i.“Same-Store Properties,” which represents all operating properties owned