Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 108

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 108
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.8 million). Depreciation and amortization also increased due to tenant improvements placed into service at 485 Lexington Avenue ($3.0 million) and the acquisition of 500 Park Avenue ($1.0 million) during the first quarter of 2025.

Equity in Net Income from Unconsolidated Joint Ventures

Equity in net income from unconsolidated joint ventures decreased primarily due to higher income at 2 Herald Square ($121.4 million) as a result of a gain on discounted debt extinguishment at the property during the three months ended March 31, 2024. This was partially offset by increased income recognized during the three months ended March 31, 2025 at 280 Park Avenue ($3.8 million) and 919 Third Avenue ($3.3 million) due to increased occupancy.

Equity in Net Gain on Sale of Interest in Unconsolidated Joint Venture/Real Estate

During the three months ended March 31, 2025, we did not dispose of any interests in our unconsolidated joint ventures. During the three months ended March 31, 2024, we recognized a gain on the sale of our interest in 717 Fifth Avenue ($26.9 million).

Purchase Price and Other Fair Value Adjustments

During the three months ended March 31, 2025, we recorded a $5.9 million negative fair value adjustment for the secured borrowing related to the previous sale of an interest in One Madison Avenue and a $3.1 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended March 31, 2024, we recorded a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street, partially offset by a $5.2 million positive fair value adjustment related to a derivative that was not designated as a hedge.

Depreciable Real Estate Reserves and Impairment

During the three months ended March 31, 2025, we recognized depreciable real estate reserves and impairments at 760 Madison Avenue ($8.5 million) to reduce the carrying value of our investment. During the three months ended March 31, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million) to reduce the carrying value of our investment to the sale price per the contract that was entered