Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 107

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 107
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 in interest capitalization at properties that are under development or redevelopment ($10.2 million) and the consolidation of 100 Park Avenue ($6.1 million) and 10 East 53rd Street ($3.1 million) as a result of the agreement to acquire the partners' interests in the joint ventures during the fourth and first quarters of 2024, respectively. These increases were offset by decreased interest expense from the revolving credit facility ($4.4 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($2.0 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the three months ended March 31, 2025, compared to $3.6 billion for the three months ended March 31, 2024. The consolidated weighted average interest rate was 5.38% for the three months ended March 31, 2025, as compared to 5.19% for the three months ended March 31, 2024.

SUMMIT Operator Tax Benefit

The decrease in SUMMIT Operator tax benefit for the three months ended March 31, 2025 as compared to the same period in 2024 is attributable to a 2023 tax reduction adjustment recorded in the first quarter of 2024.

Interest Expense on Senior Obligations of Consolidated Securitization Vehicles

During the three months ended September 30, 2024 and the three months ended March 31, 2025, 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 securities 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 March 31, 2024.

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Depreciation and Amortization

Depreciation and amortization increased due primarily to the consolidation of 100 Park Avenue at the end of the fourth quarter of 2024 ($4.7 million) and 10 East 53rd Street  at the end of the first quarter of 2024 ($3