Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 114

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 114
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,311 shares of common stock were issued to our Board of Directors. We recorded compensation expense of $1.9 million and $2.1 million during the three months ended March 31, 2025, and 2024 respectively, related to the Deferred Compensation Plan.

As of March 31, 2025, there were 92,698 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

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Indebtedness

The table below summarizes our consolidated mortgages and other loans payable, 2021 credit facility, 2022 term loan, senior unsecured notes and trust preferred securities outstanding as of March 31, 2025 and December 31, 2024, (amounts in thousands).

Debt Summary:March 31, 2025December 31, 2024BalanceFixed rate$1,112,473 $1,182,474Variable rate—hedged2,254,888 2,075,000Total fixed rate3,367,361 3,257,474 Total variable rate509,366 363,550Total debt$3,876,727 $3,621,024 Debt, preferred equity, and other investments subject to variable rate$129,235 $117,006 Net exposure to variable rate debt380,131 246,544 Percent of Total Debt:Fixed rate86.9 %90.0 %Variable rate (1)13.1 %10.0 %Total100.0 %100.0 %Effective Interest Rate for the Year:Fixed rate5.21 %5.18 %Variable rate6.32 %5.17 %Effective interest rate5.38 %5.17 %

(1)    Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 10.1% and 7.0% as of March 31, 2025 and December 31, 2024, respectively.

The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (4.32% and 4.33% as of March 31, 2025 and December 31, 2024, respectively). Our consolidated debt as of March 31, 2025 had a weighted average term to maturity of 2