Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 79

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 79
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2024 Property ConsolidationsThe following table summarizes the properties consolidated during the year ended December 31, 2024:PropertyConsolidation DateProperty TypeApproximate Square FeetGross Asset Valuation(in millions)100 Park Avenue (1)December 2024Fee Interest834,000$441.0 10 East 53rd Street (2)March 2024Fee Interest354,300236.0 (1)In December 2024, the Company amended the joint venture agreement with its partner. As a result of the amended terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value which resulted in the recognition of a positive fair value adjustment of $117.8 million, which is included in Purchase price and other fair value adjustments in the consolidated statements of operations. Prior to December 2024, the investment was accounted for under the equity method. See Note 16, "Fair Value Measurements."(2)In March 2024, the Company entered into an agreement to acquire its partner's 45.0% interest in the joint venture for cash consideration of $7.2 million, which is net of all outstanding debt obligations at contract signing. As a result of the contract terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value which resulted in the recognition of a negative fair value adjustment of ($55.7 million), which is included in Purchase price and other fair value adjustments in the consolidated statements of operations. Prior to March 2024, the investment was accounted for under the equity method. In December 2024, the Company closed on the acquisition of the partner's interest. See Note 16, "Fair Value Measurements."2023 AcquisitionsDuring the year ended December 31, 2023, we did not acquire any properties from a third party.2022 AcquisitionsThe following table summarizes the properties acquired during the year ended December 31, 2022:PropertyAcquisition DateProperty TypeApproximate Square FeetGross Asset Valuation(in millions)245 Park Avenue (1)September 2022Fee Interest1,782,793$1,960.0 (1)On