Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 91

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 91
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 or fair market value as determined by an independent third-party appraiser. In 2022, stabilization of the property (excluding SUMMIT One Vanderbilt) was achieved. Therefore, Messrs. Holiday and Mathias exercised their rights to tender 50% of their interests in the property (excluding SUMMIT One Vanderbilt) in July 2022. In 2023, stabilization of SUMMIT One Vanderbilt was achieved. Messrs. Holiday's and Mathias's remaining interests in the One Vanderbilt project are included in Preferred units and redeemable equity in the mezzanine equity section of the Company's consolidated financial statements.One Vanderbilt Avenue LeasesIn November 2018, we entered into a lease agreement with the One Vanderbilt Avenue joint venture covering certain floors at the property. In March 2021, the lease commenced and we relocated our corporate headquarters to the leased space. For the three and nine months ended September 30, 2025, we recorded $0.9 million and $2.7 million, respectively, of rent expense under the lease. For the three and nine months ended September 30, 2024, we recorded $0.7 million and $2.2 million, respectively, of rent expense under the lease.In June 2021, we, through a consolidated subsidiary, entered into a lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt, which commenced operations in October 2021. In June 2025, we, through a consolidated subsidiary, entered into a second lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt for special event space. For the three and nine months ended September 30, 2025, we recorded $17.7 million and $30.3 million, respectively, of rent expense under the leases, including percentage rent, of which $10.1 million and $17.1 million, respectively, was recognized as income as a component of Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations. For the three and nine months ended September 30, 2024, we recorded $20.8 million and $33.4 million, respectively, of rent expense under the lease, including percentage rent, of which $14.4 million and $22.7 million, respectively, was recognized as income as a component of Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations.760