Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 6

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 6
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 "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 three months ended June 30, 2024. 

Other income

Other income decreased primarily due to fee income that was recognized during the three months ended June 30, 2024 related to the sales of 625 Madison Avenue ($11.5 million) and 719 Seventh Avenue ($3.5 million).

Property operating expenses

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($2.9 million), the acquisition of 500 Park Avenue ($1.2 million) and an increase in real estate taxes ($4.6 million) at our Acquisition Properties.

SUMMIT Operator expenses

SUMMIT Operator expenses were higher for the three months ended June 30, 2025 as compared to the same period in 2024 due to increased variable expenses.

Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($6.1 million), a decrease in interest capitalization at properties that are under development or redevelopment ($5.6 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($2.8 million) in the third quarter of 2024. These increases were offset by decreased interest expense from the revolving credit facility ($5.6 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($1.9 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the three months ended June 30, 2025, compared to $3.8 billion for the three months ended June 30, 2024. The consolidated weighted average interest rate was 5.38% for the three months ended June 30, 2025, as compared to 5.21% for the three months ended June 30, 2024.

SUMMIT Operator tax benefit (expense)

The decrease in SUMMIT Operator tax expense for the three months ended June 30, 2025 as compared to the same period in