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Mar 31, 2025
SL Green Q1 2025 Earnings Report
reported a net loss and strong leasing activity in the Manhattan office market.
Key Takeaways
SL Green posted a Q1 net loss of $21.1 million despite signing over 600K square feet in new Manhattan leases. Adjusted FFO came in at $1.40 per share, reflecting stable operations and strategic investments.
Signed 45 Manhattan office leases totaling 602,105 sq. ft.
Reported net loss of $21.1 million or ($0.30) per share
Achieved 91.8% Manhattan same-store office occupancy
Completed sale of six Armani Residences for $93.3 million
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company remains optimistic about occupancy improvement and market activity, despite facing rent pressure.
Positive Outlook
- Expected increase in Manhattan occupancy to 93.2% by year-end
- Active leasing pipeline of over 1.1 million sq. ft.
- Closed acquisition of 500 Park Avenue for $130 million
- Completed strategic partner buyout at 100 Park Avenue
- Continued divestments, including $93.3 million from Armani Residences sales
Challenges Ahead
- Net loss of $21.1 million in Q1
- Mark-to-market rents down 3.1% on replacement leases
- Operating expenses rose to $56 million
- Decline in SUMMIT Operator revenue from prior year
- Total liabilities increased to $6.97 billion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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