Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 125

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 125
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32 $106.32 9.1 10.5 

(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 $97.21 per rentable square feet for 220,110 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $95.42 per rentable square feet for 384,800 rentable square feet.

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SUMMIT Operator revenue

SUMMIT Operator revenues were lower for the three months ended September 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. 

Interest income from real estate loans held by 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 recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in "Interest expense on senior obligations of consolidated securitization vehicles". As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Other income

Other income increased due primarily to management fees earned from the Fund ($2.6 million). 

Property operating expenses

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($3.4 million) at the end of the fourth quarter of 2024, the acquisition of 500 Park Avenue ($1.4 million) in the first quarter of 2025 and an increase in real estate taxes at our Acquisition Properties ($1.9 million) and Same-Store Properties ($4.9 million).

SUMMIT 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