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Mar 31
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
SL Green
SL Green
SL Green Revenue by Segment
SL Green Revenue by Geographic Location
Revenue by Segment
Rental Revenue
CapyFin.comEscalation & Reimb. Revenue
CapyFin.comSUMMIT Operator Rev. Revenue
CapyFin.comInvestment Income Revenue
CapyFin.comInterest Income (Loans) Revenue
CapyFin.comOther Income Revenue
CapyFin.comRevenue by Geographic Location
Manhattan Revenue
CapyFin.com 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