SL Green Realty Corporation

Latest Results (20.11.2025):

SL Green Realty Corporation reported results for the second quarter of 2025 (quarter ended June 30, 2025): a net loss attributable to common stockholders of $11.1 million, or $0.16 per share, and FFO of $124.5 million, or $1.63 per share. The company raised its 2025 FFO per share guidance to $5.65–$5.95 while keeping net income guidance unchanged, and reported continued leasing activity and several material investing and financing transactions in the quarter.

Earnings

Net loss for Q2 2025 was $11.1 million ($0.16 per share). For the six months ended June 30, 2025, SL Green reported a net loss of $32.2 million ($0.47 per share) versus net income of $11.0 million ($0.16 per share) in the prior-year six‑month period.

FFO (Funds From Operations)

FFO for Q2 2025 was $124.5 million ($1.63 per share), down from $143.9 million ($2.05 per share) in Q2 2024. Q2 FFO included $46.6 million ($0.61 per share) of income (ex‑interest) from the repayment of the 522 Fifth Avenue mortgage, and was net of $14.5 million ($0.19 per share) of investment reserves and $1.2 million ($0.02 per share) of negative mark‑to‑market derivative adjustments.

Guidance

SL Green increased its full‑year 2025 FFO guidance to $5.65–$5.95 per share (midpoint up $0.40) to reflect incremental income from its debt and preferred equity portfolio. The company maintained 2025 net income guidance of $1.27–$1.57 per share.

Leasing and Occupancy

The company signed 46 Manhattan office leases totaling 541,721 sq ft in Q2 2025 (91 leases / 1,143,826 sq ft YTD). Replacement leases in Q2 showed a 2.4% mark‑to‑market rent increase; YTD replacement leases were 0.4% below prior rents. Manhattan same‑store office occupancy was 91.4% as of June 30, 2025 (inclusive of signed but not commenced leases); management expects occupancy to reach 93.2% by Dec 31, 2025.

Same‑store Cash NOI

Same‑store cash NOI (including the company’s share from unconsolidated JVs) decreased 0.1% in Q2 2025 (or decreased 1.0% excluding lease termination income) versus Q2 2024. For the six months ended June 30, 2025, same‑store cash NOI rose 1.4% (0.7% excluding lease termination income) year‑over‑year.

Major Leasing Wins

Significant Q2 leases included Pinterest (82,812 sq ft at Eleven Madison Ave), EQT Partners (38,358 sq ft at 245 Park Ave), Cohen & Gresser (37,915 sq ft renewal/expansion at 800 Third Ave), AMA Management (35,151 sq ft at Worldwide Plaza), Prologis (29,397 sq ft at 461 Fifth Ave), among others.

Investing Activity & Proceeds

Key transactions: repayment of the 522 Fifth Ave commercial mortgage (carrying value $125.0M) repaid for $200.0M, generating $196.6M net proceeds; sale of 85 Fifth Ave generated $3.2M net proceeds; acquisition of partner’s 49.9% interest in 100 Park Ave for $14.9M; in July sold 50% of preferred equity in 625 Madison Ave for $104.9M (93.6% of June 30 carrying value).

Financing / Distressed Debt Activity

An affiliate and JV partner acquired the debt encumbering 1552‑1560 Broadway (total claim $219.5M, incl. $26.4M accrued interest) for $63.0M.

Special Servicing & Asset Management

SL Green’s special servicing business grew by $1.3 billion in active assignments to $6.1 billion, and the company has been designated special servicer on an additional $10.5 billion of assets that are not currently active assignments.