Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 45

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 45
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5 and March 31, 2024, we recognized a reduction of rental revenues of ($1.6 million) and ($0.1 million), respectively, for the amortization of aggregate above-market leases in excess of below-market leases resulting from the allocation of the purchase price of the applicable properties.

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)March 31, 2025(unaudited)

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2025 and December 31, 2024 (in thousands):March 31, 2025December 31, 2024Identified intangible assets (included in other assets):Gross amount$406,394 $378,277 Accumulated amortization(205,706)(197,211)Net$200,688 $181,066 Identified intangible liabilities (included in deferred revenue):Gross amount$(249,716)$243,703 Accumulated amortization205,458 (204,092)Net$(44,258)$39,611         Cash and Cash EquivalentsWe consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.Restricted CashRestricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements.Fair Value MeasurementsSee Note 16, "Fair Value Measurements."Investment in Marketable SecuritiesAt acquisition, we designate a debt security as held-to-maturity, available-for-sale, or trading. As of March 31, 2025, we did not have any debt securities designated as trading. We account for our available-for-sale securities at fair value pursuant to ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. We account for held-to-maturity securities at amortized cost basis. Credit losses for our debt securities are recognized in accordance with ASC 326. No allowance for loan losses were recognized for the three months ended March 31, 2025 and 2024. We account for equity marketable