Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 104

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 104
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.P.Notes to Consolidated Financial Statements (cont.)June 30, 2025(unaudited)

For the three and six months ended June 30, 2025, $0.5 million and $1.0 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. For the three and six months ended June 30, 2024, $0.4 million and $0.8 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options.Deferred Compensation Plan for DirectorsUnder our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director's account as additional phantom stock units.During the six months ended June 30, 2025, 14,448 phantom stock units and 10,311 shares of common stock were issued to our Board of Directors. We recorded compensation expense of $0.2 million and $2.1 million during the three and six months ended June 30, 2025 respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $0.2 million and $2.4 million during the three and six months ended June 30, 2024, respectively, related to the Deferred Compensation Plan.As of June 30, 2025, there were 92,752 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.Employee Stock Purchase Plan

In 2007, the Company's Board