Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 90

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 90
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 2023, and 2022:PropertyOwnership Interest SoldDisposition DateGross Asset Valuation (in millions) Gain (Loss)on Sale (in millions) (1) (2) One Vanderbilt Avenue11.00%November 2024$4,700.0 $187.6 625 Madison Avenue (3)90.43%May 2024634.6 (7.6)717 Fifth Avenue10.92%January 2024963.0 26.9 21 East 66th Street32.28%December 202340.6 (12.7)121 Greene Street50.00%February 202314.0 (0.3)Stonehenge PortfolioVariousApril 20221.0 — (1)Represents the Company's share of the gain or loss(2)For the years ended December 31, 2024 and December 31, 2023, the (losses) gains on sale are net of $16.8 million and $2.0 million, respectively, of employee compensation accrued in connection with the realization of the investment dispositions. There was no amount accrued for employee compensation in the year ended December 31, 2022. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.(3)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $214.7 million with an aggregate weighted average current yield of 8.86% as of December 31, 2024. Prior to the completion of the sale, the Company recorded a charge of $5.9 million for capital contributions required during the three months ended March 31, 2024 while the investment was under contract, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operationsJoint Venture Mortgages and Other Loans PayableWe generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases as of December 31, 2024 and 2023, respectively, are as follows (