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Corporate Indebtedness | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Corporate Indebtedness | Mortgages and Other Loans Payable The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments as of September 30, 2024 and December 31, 2023, respectively, were as follows (dollars in thousands):
Property |  | Current Maturity Date | Final Maturity Date (1) |  | Interest Rate (2) |  | September 30, 2024 |  | December 31, 2023
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |
420 Lexington Avenue |  | October 2024 (3) | October 2040 (3) |  |  | 3.99% |  | $ | 272,750 |  |  | $ | 277,238 |
10 East 53rd Street |  | May 2025 | May 2028 |  |  | 5.45% |  | 205,000 |  |  | — |
100 Church Street |  | June 2025 | June 2027 |  |  | 5.89% |  | 370,000 |  |  | 370,000 |
7 Dey / 185 Broadway |  | November 2025 | November 2026 |  |  | 6.65% |  | 190,148 |  |  | 190,148 |
Landmark Square |  | January 2027 | January 2027 |  |  | 4.90% |  | 100,000 |  |  | 100,000 |
485 Lexington Avenue |  | February 2027 | February 2027 |  |  | 4.25% |  | 450,000 |  |  | 450,000 |
Total fixed rate debt |  |  |  |  |  |  |  | $ | 1,587,898 |  |  | $ | 1,387,386 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |
690 Madison Avenue (4) |  | July 2025 | July 2025 |  | S+ | 0.50% |  | $ | 60,900 |  |  | $ | 60,000 |
719 Seventh Avenue |  |  |  |  |  |  |  | — |  |  | 50,000 |
Total floating rate debt |  |  |  |  |  |  |  | $ | 60,900 |  |  | $ | 110,000 |
Total mortgages and other loans payable |  |  |  |  |  |  |  | $ | 1,648,798 |  |  | $ | 1,497,386 |
Deferred financing costs, net of amortization |  |  |  |  |  |  |  | (4,806) |  |  | (6,067) |
Total mortgages and other loans payable, net |  |  |  |  |  |  |  | $ | 1,643,992 |  |  | $ | 1,491,319 |
(1)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property. (2)Interest rate as of September 30, 2024, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over Term SOFR ("S"), unless otherwise specified. (3)In October 2024, the loan was extended through October 2040. (4)Included in the Company's alternative strategy portfolio. As of September 30, 2024 and December 31, 2023, the gross book value of the properties collateralizing the mortgages and other loans payable was approximately $1.8 billion and $1.9 billion, respectively. Corporate Indebtedness 2021 Credit Facility In December 2021, we entered into an amended and restated credit facility, referred to as the 2021 credit facility, that was previously amended by the Company in November 2017, and was originally entered into by the Company in November 2012. As of September 30, 2024, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 21, 2024, respectively. The revolving credit facility has two six-month, as-of-right extension options to May 15, 2027. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. As of September 30, 2024, the 2021 credit facility bore interest at a spread over adjusted Term SOFR plus 10 basis points with an interest period of one or three months, as we may elect, ranging from (i) 72.5 basis points to 140 basis points for loans under the revolving credit facility, (ii) 80 basis points to 160 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. As of September 30, 2024, the applicable spread over adjusted Term SOFR plus 10 basis points for the 2021 credit facility was 140 basis points for the revolving credit facility, 160 basis points for Term Loan A, and 165 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of September 30, 2024, the facility fee was 30 basis points. As of September 30, 2024, we had $7.5 million of outstanding letters of credit, $735.0 million drawn under the revolving credit facility and $1.25 billion of outstanding term loans, with total undrawn capacity of $507.5 million under the 2021 credit facility. As of September 30, 2024 and December 31, 2023, the revolving credit facility had a carrying value of $730.9 million and $554.8 million, respectively, net of deferred financing costs. As of September 30, 2024 and December 31, 2023, the term loans had a carrying value of $1.2 billion and $1.2 billion, respectively, net of deferred financing costs. The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2021 credit facility. The 2021 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2024 and December 31, 2023, respectively, by scheduled maturity date (dollars in thousands):
Issuance |  | September 30, 2024 Unpaid Principal Balance |  | September 30, 2024 Accreted Balance |  | December 31, 2023 Accreted Balance |  | Interest Rate (1) |  | Initial Term (in Years) |  | Maturity Date
December 17, 2015 (2) |  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  |  | 4.27 | % |  | 10 |  | December 2025
|  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  |  |  |  |  |  |
Deferred financing costs, net |  | — |  |  | (128) |  |  | (205) |  |  |  |  |  |  |  |
|  | $ | 100,000 |  |  | $ | 99,872 |  |  | $ | 99,795 |  |  |  |  |  |  |  |
(1)Interest rate as of September 30, 2024. (2)Issued by the Company and the Operating Partnership as co-obligors in a private placement. Restrictive Covenants The terms of the 2021 credit facility and our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not, during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2024 and December 31, 2023, we were in compliance with all such covenants. Junior Subordinated Deferrable Interest Debentures In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 26 basis points over the three-month Term SOFR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense. Principal Maturities Combined aggregate principal maturities of mortgages and other loans payable, the 2021 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of September 30, 2024, including as-of-right extension options but excluding other extension options, were as follows (in thousands):
| Scheduled Amortization |  | Principal |  | Revolving Credit Facility |  | Unsecured Term Loans |  | Trust Preferred Securities |  | Senior Unsecured Notes |  | Total |  | Joint Venture Debt
Remaining 2024 | $ | — |  |  | $ | 272,750 |  |  | $ | — |  |  | $ | 200,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 472,750 |  |  | $ | 473,597 |
2025 | — |  |  | 430,900 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | 530,900 |  |  | 1,910,561 |
2026 | — |  |  | 190,148 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 190,148 |  |  | 923,620 |
2027 | — |  |  | 550,000 |  |  | 735,000 |  |  | 1,050,000 |  |  | — |  |  | — |  |  | 2,335,000 |  |  | 1,438,338 |
2028 | — |  |  | 205,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 205,000 |  |  | — |
Thereafter | — |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | — |  |  | 100,000 |  |  | 2,130,300 |
| $ | — |  |  | $ | 1,648,798 |  |  | $ | 735,000 |  |  | $ | 1,250,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 3,833,798 |  |  | $ | 6,876,416 |
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense before capitalized interest | $ | 51,342 |  |  | $ | 52,877 |  |  | $ | 149,713 |  |  | $ | 183,652 |
Interest on financing leases | 1,127 |  |  | 1,113 |  |  | 3,371 |  |  | 3,329 |
Capitalized interest | (9,492) |  |  | (25,483) |  |  | (41,226) |  |  | (77,916) |
Amortization of discount on assumed debt | 167 |  |  | — |  |  | 331 |  |  | 2,842 |
Interest income | (1,053) |  |  | (1,067) |  |  | (3,122) |  |  | (2,193) |
Interest expense, net | $ | 42,091 |  |  | $ | 27,440 |  |  | $ | 109,067 |  |  | $ | 109,714 |

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