SL Green Realty (SLG) Q4 2025 earnings summary

Executive summary

• Achieved a strong start to 2026, with operating metrics exceeding expectations set in December 2025.

• Reported a net loss attributable to common stockholders of $104.6M ($1.49/share) for Q4 2025 and $111.9M ($1.61/share) for the year, compared to net income in 2024.

• FFO for Q4 2025 was $86.2M ($1.13/share), and $437.7M ($5.72/share) for the year, both down from 2024 due to lower one-time gains and higher transaction costs.

• New York City business environment remains robust, with tax collections up 8.5% in 2025 and strong leasing activity.

• Private and global investor demand for NYC commercial real estate is at multi-year highs, supporting refinancing and disposition plans.

Financial highlights

• Fourth quarter FFO beat by $0.02 per share, driven by higher NOI and lower expenses.

• Same-store cash NOI and FAD both exceeded initial guidance, with FAD outperforming by $65 million for the year and $20 million in Q4.

• Same-store cash NOI (including JV share) decreased 3.4% in Q4 and 2.0% for 2025, excluding lease termination income, year-over-year.

• Q4 2025 property NOI (including JV share) was $193.4M; full-year 2025 was $803.5M.

• Ended 2025 with 93% occupancy, up from 92.5% a year earlier.

Outlook and guidance

• Targeting 94.8% same-store occupancy by end of 2026, with a strong leasing pipeline of over 1 million sq ft.

• Projecting same-store NOI growth of 3.5%-4.5% in 2026 and 10%+ in 2027.

• $7 billion refinancing and $2.5 billion disposition plans underway, with most asset sales expected in the second half of 2026.

• Announced a shift to quarterly ordinary dividends (from monthly) starting in 2026, with continued cash payments.

• Launching a new senior credit lending fund in 2026, targeting mid-teens gross returns.