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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
Q3 2025 net income rebounded to $35.2 million, reversing prior losses, with FFO rising to $120.4 million ($1.58/share), and Manhattan same-store office occupancy increasing to 92.4% with expectations to reach 93.2% by year-end.
Over 1.8 million sq ft of Manhattan office leases were signed in the first nine months of 2025, with major new and renewal leases including Harvey AI, Sigma Computing, and others.
Major transactions included the acquisition of Park Avenue Tower for $730 million, entry into contract for 346 Madison Avenue and adjacent site for $160 million, and the sale of a 5% interest in One Vanderbilt Avenue for $86.6 million.
Completed $1.4 billion refinancing at 11 Madison Avenue at a 5.6% rate, and extinguished $219.5 million debt at 1552-1560 Broadway, recording a $57.2 million net gain.
Portfolio comprised 39 properties totaling 25.4 million sq ft, with consolidated debt and preferred equity investments of $171.4 million.
Financial highlights
Q3 2025 total revenues rose 6.6% year-over-year to $244.8 million, with rental revenue up 7.4% to $168.5 million and FFO for the quarter at $120.4 million ($1.58/share).
Same-store cash NOI decreased by 4.2% year-over-year in Q3 2025, or 5.5% excluding lease termination income, mainly due to temporary maintenance at One Vanderbilt.
Interest expense increased by 11.9% to $49.0 million, primarily from new debt related to acquisitions.
Debt service coverage ratio (trailing 12 months, including JV share) was 1.86x; fixed charge coverage was 1.69x.
Dividend per common share for the nine months was $2.318.
Outlook and guidance
Manhattan same-store office occupancy is expected to increase to 93.2% by December 31, 2025, with further gains anticipated as signed leases commence.
The Ascent feature at One Vanderbilt, temporarily out of service, is expected to return in Q4 2025, potentially improving NOI.
Estimated capital expenditures for the remainder of 2025 are $39.4 million for leasing and $19.4 million for recurring property needs.
Liquidity stood at $1.1 billion as of September 30, 2025, including $852.5 million in undrawn credit and $203.1 million in cash and marketable securities.
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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