SL Green Realty (SLG) Q4 2025 earnings summary

Executive summary

• Strong start to 2026 with robust business plan execution, high motivation to meet or exceed goals, and a focus on human capital and fee revenue from institutional investors as key value drivers.

• New York City business economy had an exceptional 2025, with tax collections up 8.5% and strong fiscal stability.

• Private and global investor appetite for New York City commercial real estate is at a multi-year high, with significant capital inflows expected.

• Company is executing a $7 billion refinancing plan and a $2.5 billion asset disposition plan, with high confidence in achieving targets.

• Reported a net loss attributable to common stockholders of $1.49 per share for Q4 2025 and $1.61 per share for the full year, compared to net income of $0.13 and $0.08 per share for the same periods in 2024.

Financial highlights

• Fourth quarter FFO beat by $0.02 per share, driven by higher NOI and lower expenses, with FFO per share at $1.13 for Q4 and $5.72 for the year.

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

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

• Hospitality business contributed positively, while Summit's operating profit was impacted by delayed Ascent opening and maintenance costs.

• Ended 2025 with 93% occupancy, up nearly 400 basis points year-over-year.

Outlook and guidance

• Projected same-store NOI growth of 3.5%-4.5% for 2026, with 10%+ growth expected in 2027.

• Targeting 94.8% same-store occupancy by end of 2026, with strong leasing pipeline and 142,000 sq ft already signed in January.

• Asset sales expected to be weighted toward the second half of 2026.

• Board to review dividend policy in March, considering long-term earnings trajectory and cash flow.