Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 7

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 7
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2024 was the result of reduced revenue.

Interest expense on senior obligations of consolidated securitization vehicles

During the three months ended September 2024, 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 expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended June 30, 2024.

Depreciation and amortization

Depreciation and amortization increased during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due primarily to the consolidation of 100 Park Avenue ($5.0 million) and the acquisition of 500 Park Avenue ($1.4 million).

Equity in net (loss) income from unconsolidated joint ventures

Equity in net (loss) income from unconsolidated joint ventures decreased primarily due to higher income at 280 Park Avenue ($26.6 million)  during the three months ended June 30, 2024 as a result of the $30.7 million gain on discounted debt extinguishment at the property.

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

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

Purchase price and other fair value adjustments

During the three months ended June 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of the Palisades Conference Center and a $1.2 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended June 30, 2024, we recorded $1.3 million of positive fair value adjustments related to derivatives that are not designed as hedges