Property Acquisitions and Consolidations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Property Acquisitions and Consolidations

The following table summarizes the properties acquired during the year ended December 31, 2025:

Property

Acquisition Date

Property Type

Approximate Square Feet

Gross Asset Valuation

(in millions) (1)

346 Madison Avenue (2)

October 2025

Fee Interest

275,138

160.0

500 Park Avenue

January 2025

Fee Interest

201,411

127.0

(1)Represents the gross asset valuation of the property net of closing costs and adjustments.

(2)Includes adjacent site at 11 East 44th Street.

The following table summarizes the properties consolidated during the year ended December 31, 2025:

Property

Consolidation Date

Property Type

Approximate Square Feet

Gross Asset Valuation

(in millions) (3)

800 Third Avenue (1)

October 2025

Fee Interest

526,000

205.0

315 West 33rd Street (2)

September 2025

Fee Interest

435,349

384.5

(1)In October 2025, the Company closed on the acquisition of its joint venture partners' combined 39.5% interest in the 800 Third Avenue joint venture and the entity was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. See Note 16, "Fair Value Measurements." Prior to October 2025, the investment was accounted for under the equity method and was included in "Investments in unconsolidated joint ventures" on our consolidated balance sheet.

(2)In September 2025, the Company, as the holder of the preferred equity interest in the entity, took control over management of the underlying property. As a result, it was concluded that the entity is a VIE in which the Company is the primary beneficiary, and the entity was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. See Note 16, "Fair Value Measurements." Prior to September 2025, the preferred equity interest was included in "Debt and preferred equity investments" on our consolidated balance sheet.

(3)Represents the gross asset valuation of the property net of closing costs and adjustments.

The following table summarizes the properties consolidated during the year ended December 31, 2024:

Property

Consolidation Date

Property Type

Approximate Square Feet

Gross Asset Valuation
(in millions)

100 Park Avenue (1)

December 2024

Fee Interest

834,000

441.0

10 East 53rd Street (2)

March 2024

Fee Interest

354,300

236.0

(1)In December 2024, the Company amended the joint venture agreement with its partner. As a result of the amended terms, it was concluded that the joint venture was a VIE in which the Company was the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value which resulted in the recognition of a positive fair value adjustment of $117.8 million, which is included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. Prior to December 2024, the investment was accounted for under the equity method. See Note 16, "Fair Value Measurements."

(2)In March 2024, the Company entered into an agreement to acquire its partner's 45.0% interest in the joint venture for cash consideration of $7.2 million, which was net of all outstanding debt obligations at contract signing. As a result of the contract terms, it was concluded that the joint venture was a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value which resulted in the recognition of a negative fair value adjustment of ($55.7 million), which is included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. Prior to March 2024, the investment was accounted for under the equity method. In December 2024, the Company closed on the acquisition of the partner's interest. See Note 16, "Fair Value Measurements."

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

SL GREEN REALTY CORP 10-K