Company: SLG-PI
Filing Date: 2025-04-17
Form Type: 10-K/A
Source: 0001040971-25-000019
Chunk: 84

Company: SL GREEN REALTY CORP
Filing Date: 2025-04-17
Form: 10-K/A
Chunk 84
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 |     |   |     -6,350 |     |   |    -16,184 |
| Balance at end of year                                       |     |                         |  4,449,709 |     |   |  4,089,174 |     |   |  3,758,174 |
| Vested during the year                                       |     |                         |    143,453 |     |   |    147,915 |     |   |    118,255 |
| Compensation expense recorded                                |     | $                       | 10,939,602 |     | $ |  7,766,055 |     | $ | 10,133,905 |
| Total fair value of restricted stock granted during the year |     | $                       | 24,676,422 |     | $ | 15,789,540 |     | $ | 16,804,931 |

The fair value of restricted stock that vested during the years ended December 31, 2024, 2023, and 2022 was $ 7.4million, $ 10.2million and $ 9.7million, respectively. As of December 31, 2024, there was $ 33.3million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.3years.

We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $ 34.1million and $ 38.1million during the years ended December 31, 2024 and 2023, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third-party consultant determined that the fair value of the LTIP Units has a discount to our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of December 31, 2024, there was $ 31.0million of total unrecognized compensation expense related to the time-based and performance-based awards, which is expected to be recognized over a weighted average period of 1.7years.

During the years ended December 31, 2024, 2023, and 2022, we recorded compensation expense related to bonus, time-based and performance-based awards of $ 30.5million, $