Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 115

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 115
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 Statements (cont.)June 30, 2025(unaudited)

18. Lease Income

The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.The components of lease income from operating leases in our consolidated statements of operations during the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Fixed lease payments$149,038 $136,427 $295,166 $264,680 Variable lease payments17,703 15,069 36,203 28,370 Total lease payments (1)$166,741 $151,496 $331,369 $293,050 Amortization of acquired above and below-market leases(1,504)(864)(3,113)(914)Total rental revenue$165,237 $150,632 $328,256 $292,136 (1)Amounts include $45.0 million and $91.0 million of sublease income during the three and six months ended June 30, 2025, respectively, and $45.9 million and $94.3 million of sublease income during the three and six months ended June 30, 2024 respectively. The components of lease income from sales-type leases during the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Interest income (1)$1,138 $1,123 $2,272 $2,243 (1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.

19. Commitments and Contingencies

Legal ProceedingsAs of June 30, 2025, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.Environmental MattersOur management believes that the properties are in compliance in all material respects with applicable Federal