Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 109

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 109
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 into in April 2024. In addition, we recognized depreciable real estate reserves and impairments related to our investment at 625 Madison Avenue ($5.9 million), which remained under contract for sale as of March 31, 2024, prior to the sale closing in the second quarter of 2024. 

Loan Loss and Other Investment Reserves, Net of Recoveries

During the three months ended March 31, 2025, we recognized a loan loss recovery of $25.0 million related to the expected resolution of a commercial mortgage investment. During the three months ended March 31, 2024, we did not recognize any loan loss and other investment reserves.

Liquidity and Capital Resources

We currently expect that the principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness and for debt and preferred equity investments will include:

(1)Cash flow from operations;

(2)Cash on hand;

(3)Net proceeds from divestitures of properties and redemptions, participations, dispositions and repayments of debt and preferred equity investments;

(4)Borrowings under the revolving credit facility;

(5)Other forms of secured or unsecured financing; and

(6)Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).

Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs. Additionally, we believe that our debt and preferred equity investment program will continue to serve as a source of operating cash flow.

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The combined aggregate principal maturities of mortgages and other loans payable, the 2021 credit facility, senior unsecured notes (net of discount), trust preferred securities, our share of joint venture debt, including as-of-right extension options, estimated interest expense, and our obligations under our financing and operating leases, as of March 31, 2025 are as follows (in thousands):

Remaining 20252026202720282029ThereafterTotalProperty mortgages and other loans$370,000 $190,148