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SL Green Realty (SLG) investor relations material
SL Green Realty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Leasing momentum remains strong with over 1.9 million sq ft signed year-to-date and a pipeline expected to surpass 2 million sq ft by year-end, following a record 3 million sq ft in 2026.
Net income attributable to common stockholders was $24.9M ($0.34/share) for Q3 2025, reversing a net loss of $13.3M ($0.21/share) in Q3 2024.
Funds from operations (FFO) for Q3 2025 was $120.4M ($1.58/share), up from $78.6M ($1.13/share) in Q3 2024, despite $13.1M in transaction costs related to a gaming license pursuit.
Acquisition of Park Avenue Tower for $730 million adds to a premier Midtown portfolio, with in-place occupancy at 95% and rents significantly below market, offering near-term upside.
Major refinancing completed at 11 Madison for $1.4 billion at a 5.6% rate, reflecting strong demand for quality Manhattan office financings.
Financial highlights
FFO for the nine months ended September 30, 2025, was $351.4M ($4.60/share), including $71.6M from the 522 Fifth Avenue mortgage repayment and $57.2M net gain on discounted debt extinguishment at 1552-1560 Broadway.
Same-store cash NOI decreased 4.2% year-over-year for Q3 2025, or 5.5% excluding lease termination income.
NOI margin stands at 54%, with G&A at 10% of total revenue.
Q3 2025 property operating revenues were $168.5M, with property NOI (including JV share) at $191.9M.
Market value of common equity at quarter-end was $4.54B; consolidated debt was $4.03B.
Outlook and guidance
Manhattan same-store office occupancy is expected to increase to 93.2% by December 31, 2025, inclusive of leases signed but not yet commenced.
The Ascent feature at One Vanderbilt, temporarily out of service, is expected to return in Q4 2025, potentially improving NOI.
Rent growth of 20%-25% over the next four to five years is anticipated for Park Avenue assets, driven by scarcity and strong demand.
Concessions are tightening, with tenant improvement allowances and free rent periods decreasing, especially in the top third of the market.
Full portfolio mark-to-market and 2026 outlook to be detailed at the December investor conference.
Park Avenue Tower: Capital & timeline for rent upside?
346 Madison: How to mitigate new supply risk?
1515 Broadway: Post-casino strategic options?
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Next SL Green Realty earnings date
Investor Day 20255 Dec, 2025
Next SL Green Realty earnings date
Investor Day 20255 Dec, 2025
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Frequently asked questions
NYC focused REIT
SL Green Realty is an American Real Estate Investment Trust (REIT) specializing in commercial properties, particularly in New York City. The company's primary focus is on acquiring, managing, and maximizing the value of Manhattan commercial properties, and is one of the largest office landlords in the city. SL Green's strategy involves not only the ownership and management of these assets but also investing in a variety of debt and preferred equity investments. Their portfolio includes several high-profile buildings, catering to a range of tenants from various sectors. The company is headquartered in NYC, and its shares are listed on the NYSE.
Starting Out as a Commercial Mortgage Broker
SL Green Realty was founded in 1980 by Stephen L. Green and is a major player in the commercial real estate industry, particularly in New York City. Initially a commercial mortgage broker, the company shifted focus to property investments and management, becoming a fully integrated REIT in 1997. Over the years, SL Green has concentrated on developing, acquiring, and managing offices primarily in Manhattan, something it continues to do to this day.
Developing and Managing Properties
As previously mentioned, the company’s approach involves purchasing properties in key locations, which in some cases is followed by redevelopment or renovation to improve their value and appeal. The management aspect of their business includes handling daily operations, maintenance, and leasing out the properties to businesses and companies. SL Green also practices strategic asset management, which involves selling properties at opportune moments and reinvesting in new ventures. When looking at similar companies to SL Green, one finds names such as Boston Properties, Vornado Realty, Hudson Pacific, and several others.
Operating as a REIT
SL Green operates as a Real Estate Investment Trust, which is not something unusual for this type of company. REIT is a type of company that owns, operates, or finances income-generating real estate across a range of property sectors. These can include residential, commercial, industrial, and healthcare spaces, among others. REITs allow individual investors to earn dividends from real estate investments without needing to buy, manage, or finance any properties themselves. Most REITs operate along a straightforward model: they lease space and collect rent on the properties, then distribute that income as dividends to shareholders. In the United States, REITs must distribute at least 90% of their taxable income to shareholders annually, in the form of dividends.
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