Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 57

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 57
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 the FASB issued ASU No. 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement. ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and reduce diversity in practice. The amendments require that a joint venture apply the following key adaptations from the business combinations guidance upon formation: (i) a joint venture is the formation of a new entity without an accounting acquirer, (ii) a joint venture measures its identifiable net assets and goodwill, if any, at the formation date, (iii) initial measurement of a joint venture's total net assets is equal to the fair value of 100 percent of the joint venture's equity, and (iv) a joint venture provides relevant disclosures. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We adopted this guidance on January 1, 2025 and do not believe it will have a material impact on our consolidated financial statements.

3. Property Acquisitions and Consolidations

Property Acquisitions The following table summarizes the properties acquired during the three months ended March 31, 2025:PropertyAcquisition DateProperty TypeApproximate Square FeetGross Asset Valuation(in millions) (1)500 Park AvenueJanuary 2025Fee Interest201,411$127.0 (1)Represents the gross asset valuation of the property net of closing costs and adjustments.Property ConsolidationsDuring the three months ended March 31, 2025, we did not consolidate any existing unconsolidated joint venture properties.

4. Properties Held for Sale and Property Dispositions

Properties Held for Sale As of March 31, 2025, no properties were classified as held for sale.Property DispositionsThe following table summarizes the properties sold during the three months ended March 31, 2025:PropertyDisposition DateProperty TypeUnaudited Approximate Usable Square FeetSales Price (1)(in millions)Gain on Sale (in millions)Giorgio Armani Residences at 760 Madison Avenue (6 Condominium Units)MultipleFee Interest19,185 $99.3 $0.2 (1)Sales price represents the gross sales price for a property or