Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 103

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 103
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4, are as follows:June 30, 2025December 31, 2024Balance at beginning of period4,449,709 4,089,174 Granted4,600 371,285 Canceled(4,160)(10,750)Balance at end of period4,450,149 4,449,709 Vested during the period226,806 143,453 Compensation expense recorded$7,477,142 $10,939,602 Total fair value of restricted stock granted during the period$289,156 $24,676,422 The fair value of restricted stock that vested during the six months ended June 30, 2025 and the year ended December 31, 2024 was $10.9 million and $7.4 million, respectively. As of June 30, 2025, there was $24.3 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.9 years.We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $16.6 million and $34.1 million as of June 30, 2025 and December 31, 2024, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC Topic 718, Compensation - Stock Compensation ("ASC 718"). A third-party consultant determined that the fair value of the LTIP Units has a discount to our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of June 30, 2025, there was $29.9 million of total unrecognized compensation expense related to the time-based and performance-based awards, which is expected to be recognized over a weighted average period of 1.4 years. During the three and six months ended June 30, 2025, we recorded compensation expense related to bonus, time-based and performance-based awards of $6.0 million and $11.1 million, respectively. During the three and six months ended June 30, 2024, we recorded compensation expense related to bonus, time-based and performance-based awards of $6.8 million and $13.0 million, respectively.

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L