Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 133

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 133
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 period in 2024 due primarily to higher compensation expenses.

Interest expense, net of interest income

Interest expense, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($18.7 million), a decrease in interest capitalization at properties that are under development or redevelopment ($17.2 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($7.5 million). These increases were offset by decreased interest expense from the revolving credit facility ($15.9 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($5.4 million) in the fourth quarter of 2024. The consolidated weighted average interest rate was 5.37% for the nine months ended September 30, 2025, as compared to 5.15% for the nine months ended September 30, 2024.

SUMMIT Operator tax (expense) benefit

SUMMIT Operator tax expense increased for the nine months ended September 30, 2025 as compared to the same period in 2024 due to an adjustment made in the third quarter of 2024 related to 2023 projected tax expense being more than 2023 actual tax expense.

Interest expense on senior obligations of consolidated securitization vehicles

During the three months ended September 30, 2024 and the nine months ended September 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in "Interest income from real estate loans held by consolidated securitization vehicles". As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest 

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expense. 

Depreciation and amortization

Depreciation and amortization increased primarily due to the consolidation of 100 Park Avenue ($14.8 million) and 10 East 53rd Street ($4.2 million) and the acquisition of 500 Park Avenue ($3.7 million) in the first quarter of 2025.

Equity in net (loss) income from unconsolidated joint ventures

Equity in net (loss) income from unconsolidated joint ventures decreased primarily due to gains on discounted debt extinguishments at 2 Herald Square ($126.6