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 office assets is at a multi-year high, with significant capital inflows expected.

Financial highlights

• Q4 FFO beat by $0.02 per share, driven by higher NOI and lower expenses.

• FAD for 2025 was $237.2M, outperforming initial 2024 guidance by $65M, with $20M of that in Q4.

• Q4 other income rose to nearly $40M, mainly from transaction and special servicing fees.

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

• Total revenues for Q4 2025 were $276.5M, up from $245.9M in Q4 2024; full-year revenues reached $1.0B.

Outlook and guidance

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

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

• $7B refinancing and $2.5B 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.

• Management highlighted a strong leasing pipeline and continued focus on Park Avenue presence.