As of March 31, 2021, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.

Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

We are a tenant under leases for certain properties, including ground leases. These leases have expirations from 2022 to 2119, or 2043 to 2119 as fully extended. Certain leases offer extension options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and right of use asset.

Certain of our leases are subject to rent resets, generally based on a percentage of the then fair market value, a fixed amount, or a percentage of the preceding rent at specified future dates. Rent resets will be recognized in the periods in which they are incurred.


Property (1)	Year of Current Expiration	Year of Final Expiration (2)
1185 Avenue of the Americas	2043	2043
SL Green Headquarters at One Vanderbilt (3)	2043	2048
625 Madison Avenue	2022	2054
420 Lexington Avenue	2050	2080
885 Third Avenue	2080	2080
711 Third Avenue (4)	2033	2083
461 Fifth Avenue (5)	2027	2084
1080 Amsterdam Avenue (6)	2111	2111
15 Beekman (7)(8)	2119	2119

(3)In March 2021, the Company's lease for its corporate headquarters at One Vanderbilt commenced. See note 10, "Related Party Transactions."

(5)In April 2021, the Company exercised its option to acquire the fee interest in the property. The transaction is expected to close in the second quarter of 2021. The lease is classified as a financing lease.

(7)The Company has an option to purchase the ground lease for a fixed price on a specific date. The lease is classified as a financing lease.

(8)In August 2020, the Company entered into a long-term sublease with an unconsolidated joint venture as part of the capitalization of the 15 Beekman development project. See Note 6, "Investments in Unconsolidated Joint Ventures."

The following is a schedule of future minimum lease payments as evaluated in accordance with ASC 842 for our financing leases and operating leases with initial terms in excess of one year as of March 31, 2021 (in thousands):


	Financing leases		Operating leases
Remaining 2021	$	31,136	$	31,954
2022	3,522		29,386
2023	3,570		29,502
2024	3,641		30,545
2025	3,810		30,772
2026	3,858		30,911
Thereafter	256,692		631,532
Total minimum lease payments	$	306,229	$	814,602
Amount representing interest	(153,607)
Amount discounted using incremental borrowing rate			(359,217)

Lease liabilities	$	152,622	$	455,385

The following table provides lease cost information for the Company's operating leases for the three months ended March 31, 2021 or 2020 (in thousands):


	Three Months Ended March 31,
Operating Lease Costs	2021		2020
Operating lease costs before capitalized operating lease costs	$	7,567	$	8,113
Operating lease costs capitalized	(828)		(746)
Operating lease costs, net (1)	$	6,739	$	7,367

The following table provides lease cost information for the Company's financing leases for the three months ended March 31, 2021 or 2020 (in thousands):


	Three Months Ended March 31,
Financing Lease Costs	2021		2020
Interest on financing leases before capitalized interest	$	1,492	$	1,663
Interest on financing leases capitalized	—		(747)
Interest on financing leases, net (1)	1,492		916
Amortization of right-of-use assets (2)	180		305


Financing lease costs, net	$	1,672	$	1,221

(1)These amounts are included in interest expense, net of interest income in our consolidated statements of operations.

(2)These amounts are included in depreciation and amortization in our consolidated statements of operations.

As of March 31, 2021, the weighted-average discount rate used to calculate the lease liabilities was 4.52%. As of March 31, 2021, the weighted-average remaining lease term was 27 years, inclusive of purchase options expected to be exercised.