Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 133

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 133
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 to interest payments received on one CMBS investment ($10.0 million) during the six months ended June 30, 2025. This increase was partially offset by a lower weighted average debt and preferred equity investment balance and weighted average yield for the six months ended June 30, 2025 as compared to the same period in 2024. For the six months ended June 30, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $326.5 million and 6.0%, respectively, as compared to $349.0 million and 7.5%, respectively, for the six months ended June 30, 2024.

Interest income from real estate loans held by consolidated securitization vehicles

During the three months ended September 2024 and the six months ended June 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles. As a result, the net impact is limited to the 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 six months ended June 30, 2024. 

Other income

Other income decreased primarily due to fee income recognized during the six months ended June 30, 2024 related to the sales of 625 Madison Avenue ($11.5 million) and 719 Seventh Avenue ($3.5 million).  This is offset by management fees earned from third-party investors of the Fund ($2.6 million) and increased lease termination income ($3.8 million) during the six months ended June 30, 2025. 

Property operating expenses

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($13.5 million) and 10 East 53rd Street ($4.2 million), the acquisition of 500 Park Avenue ($4.4 million) and an increase in real estate taxes ($9.9 million) at our Acquisition Properties.

SUMMIT Operator expenses

SUMMIT Operator expenses were higher for the six months ended June 30, 2025 as compared to the same period