SL Green Realty (SLG) Q1 2025 earnings summary

Executive summary

• First quarter earnings exceeded projections, with strong NOI, robust leasing, and significant profits from debt-related businesses, though the quarter ended with a net loss of $21.1 million and FFO of $106.5 million.

• The company acquired 500 Park Avenue and the remaining 49.9% interest in 100 Park Avenue, both now with high occupancy, and sold six condominium units at 760 Madison Avenue for $99.3 million.

• Summit One Vanderbilt remained NYC's top experiential attraction, with record ticket presales and 50% international visitors in 2024.

• The company manages third-party properties, holds $318.2 million in debt and preferred equity investments, and maintains off-balance sheet joint venture interests.

• Recognized for ESG leadership, including GRESB Sector Leader, USA TODAY Climate Leaders, and S&P CSA Sustainability Yearbook Member.

Financial highlights

• Q1 2025 revenues rose 27.6% year-over-year to $239.8 million, driven by higher rental and investment income.

• Net loss attributable to common stockholders was $21.1 million, or $0.30 per share, compared to net income of $13.1 million, or $0.20 per share, in Q1 2024.

• FFO was $106.5 million, or $1.40 per share, down from $215.4 million, or $3.07 per share, in Q1 2024, which included a one-time gain.

• Same-store cash NOI (excluding lease termination income) increased 2.4% year-over-year to $149.2 million.

• Cash, cash equivalents, and restricted cash totaled $337.0 million, with $752.5 million available under the revolving credit facility.

Outlook and guidance

• Management expects principal liquidity sources to include operating cash flow, asset sales, credit facility borrowings, and potential equity or debt offerings.

• Leasing target of 2 million sq ft and 93.2% year-end occupancy remain on track, with an active pipeline of over 1.1 million sq ft.

• Capital expenditures for the remainder of 2025 are projected at $113.7 million for leasing, $20.9 million for recurring capex, and $20.8 million for development.

• Management believes current liquidity and access to capital are sufficient to meet obligations and fund growth initiatives.

• Guidance is subject to change based on market conditions and the successful closing of current business opportunities.