Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 106

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 106
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31, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $333.3 million and 6.4%, respectively, as compared to $366.8 million and 7.8%, respectively, for the three months ended March 31, 2024.

Interest Income from Real Estate Loans Held by Consolidated Securitization Vehicles

During the three months ended September 2024 and the three months ended March 31, 2025, 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 securities we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended March 31, 2024. 

Other Income

Other income increased due primarily to lease termination income ($3.8 million) and management fees earned from third-party investors of the SLG Opportunistic Debt Fund ($1.8 million) during the three months ended March 31, 2025. Special servicing income increased for the three months ended March 31, 2025 ($1.3 million), as compared to the three months ended March 31, 2024 ($0.4 million).

Property Operating Expenses

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($6.9 million) at the end of the fourth quarter of 2024 and 10 East 53rd Street ($4.0 million) at the end of the first quarter of 2024, variable expenses increased at our Same-Store properties ($4.5 million) and we acquired 500 Park Avenue ($2.2 million) in the first quarter of 2025. 

SUMMIT Operator Expenses

SUMMIT Operator expenses were lower for the three months ended March 31, 2025 as compared to the same period in 2024 due to decreased variable expenses.

Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to a decrease