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Mortgages and Other Loans Payable | 6 Months Ended
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Jun. 30, 2025
Mortgages and Other Loans Payable |
Mortgages and Other Loans Payable | 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 June 30, 2025 and December 31, 2024, respectively, were as follows (dollars in thousands):
Property |  | Current Maturity Date | Final Maturity Date (1) |  | Interest Rate (2) |  | June 30, 2025 |  | December 31, 2024
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |
100 Church Street |  | June 2025 | June 2025 ⁽³⁾ |  |  | 5.89% |  | $ | 370,000 |  |  | $ | 370,000 |
7 Dey / 185 Broadway |  | November 2025 | November 2026 |  |  | 6.65% |  | 190,149 |  |  | 190,148 |
10 East 53rd Street |  | May 2026 | May 2028 |  |  | 5.37% |  | 204,775 |  |  | 205,000 |
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 |
500 Park Avenue |  | January 2028 | January 2030 |  |  | 6.57% |  | 80,000 |  |  | — |
420 Lexington Avenue |  | October 2040 | October 2040 |  |  | 8.24% |  | 272,325 |  |  | 272,326 |
Total fixed rate debt |  |  |  |  |  |  |  | $ | 1,667,249 |  |  | $ | 1,587,474 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |
100 Park Avenue |  | December 2025 | December 2027 |  | S+ | 2.37% |  | $ | 376,153 |  |  | $ | 360,000 |
CMBS Repurchase Facility |  |  |  |  |  |  |  | — |  |  | 3,550 |
Total floating rate debt |  |  |  |  |  |  |  | $ | 376,153 |  |  | $ | 363,550 |
Total mortgages and other loans payable |  |  |  |  |  |  |  | $ | 2,043,402 |  |  | $ | 1,951,024 |
Deferred financing costs, net of amortization |  |  |  |  |  |  |  | (7,580) |  |  | (6,389) |
Total mortgages and other loans payable, net |  |  |  |  |  |  |  | $ | 2,035,822 |  |  | $ | 1,944,635 |
(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 June 30, 2025, 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)The Company is in discussions with the lender on resolution of the past maturity. As of June 30, 2025 and December 31, 2024, the gross book value of the properties collateralizing the mortgages and other loans payable was approximately $2.3 billion and $2.2 billion, respectively. CMBS Repurchase Facility In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of June 30, 2025, there have been no margin calls on the CMBS Repurchase Facility. At June 30, 2025, there was no outstanding balance on the facility. 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 June 30, 2025, 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 $100.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 19, 2025, respectively. Term Loan B has two six-month, as-of-right extension options to November 19, 2026. 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 June 30, 2025, 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 June 30, 2025, 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 180 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 June 30, 2025, the facility fee was 30 basis points. As of June 30, 2025, we had $7.5 million of outstanding letters of credit, $360.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $882.5 million under the 2021 credit facility. As of June 30, 2025 and December 31, 2024, the revolving credit facility had a carrying value of $357.0 million and $316.2 million, respectively, net of deferred financing costs. As of June 30, 2025 and December 31, 2024, the term loans had a carrying value of $1.1 billion and $1.1 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 June 30, 2025 and December 31, 2024, respectively, by scheduled maturity date (dollars in thousands):
Issuance |  | June 30, 2025 Unpaid Principal Balance |  | June 30, 2025 Accreted Balance |  | December 31, 2024 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 |  | — |  |  | (51) |  |  | (103) |  |  |  |  |  |  |  |
|  | $ | 100,000 |  |  | $ | 99,949 |  |  | $ | 99,897 |  |  |  |  |  |  |  |
(1)Interest rate as of June 30, 2025. (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 June 30, 2025 and December 31, 2024, 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 June 30, 2025, 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 2025 | $ | — |  |  | $ | 370,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 100,000 |  |  | $ | 470,000 |  |  | $ | 1,120,691 |
2026 | — |  |  | 190,148 |  |  | — |  |  | 100,000 |  |  | — |  |  | — |  |  | 290,148 |  |  | 1,009,242 |
2027 | — |  |  | 926,153 |  |  | 360,000 |  |  | 1,050,000 |  |  | — |  |  | — |  |  | 2,336,153 |  |  | 1,730,905 |
2028 | — |  |  | 284,775 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 284,775 |  |  | 382,294 |
2029 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Thereafter | — |  |  | 272,326 |  |  | — |  |  | — |  |  | 100,000 |  |  | — |  |  | 372,326 |  |  | 1,800,300 |
| $ | — |  |  | $ | 2,043,402 |  |  | $ | 360,000 |  |  | $ | 1,150,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 3,753,402 |  |  | $ | 6,043,432 |
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense before capitalized interest | $ | 52,592 |  |  | $ | 49,503 |  |  | $ | 104,640 |  |  | $ | 98,371 |
Interest on financing leases | 1,138 |  |  | 1,124 |  |  | 2,272 |  |  | 2,244 |
Capitalized interest | (6,637) |  |  | (13,786) |  |  | (13,107) |  |  | (31,733) |
Amortization of discount on assumed debt | 164 |  |  | 164 |  |  | 324 |  |  | 164 |
Interest income | (1,939) |  |  | (1,202) |  |  | (3,130) |  |  | (2,070) |
Interest expense, net | $ | 45,318 |  |  | $ | 35,803 |  |  | $ | 90,999 |  |  | $ | 66,976 |

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