Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 135

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 135
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 30, 2024.

Depreciation and amortization

Depreciation and amortization increased primarily due to the consolidation of 100 Park Avenue ($9.6 million) and 10 East 53rd Street($4.1 million). Depreciation and amortization also increased due to tenant improvements placed into service at 485 Lexington Avenue ($3.2 million) and the acquisition of 500 Park Avenue ($2.3 million).

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 million) and 280 Park Avenue ($22.9 million) during the six months ended June 30, 2024. This was partially offset by the consolidation of 100 Park Avenue ($8.3 million).

Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate

During the six months ended June 30, 2025, we recognized a loss on the sale of our interest in 85 Fifth Avenue ($1.9 million). During the six months ended June 30, 2024, we recognized a gain on the sale of our interest in 717 Fifth Avenue ($24.9 million) and a loss on the sale of our interest in 625 Madison Avenue ($7.6 million).

Purchase price and other fair value adjustments

During the six months ended June 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of Palisades Conference Center and a $4.3 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the six months ended June 30, 2024, we recorded a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street, partially offset by a $6.5 million positive fair value adjustment related to a derivative that was not designated as a hedge.

Depreciable real estate reserves and impairment

During the six months ended June 30, 2025, we recognized depreciable real estate reserves and impairments at 760 Madison Avenue ($8.5 million) to reduce the carrying value of our investment. During the six months ended June 30, 2024, we recognized depreciable real