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Jun 30
SL Green Q2 2025 Earnings Report
SL Green reported a Q2 2025 net loss and lower FFO, but raised full-year guidance.
Key Takeaways
SL Green posted a net loss of $11.1M in Q2 2025 with EPS of ($0.16). Total revenue was $241.9M. FFO per share fell to $1.63, but the company raised its full-year FFO guidance due to stronger income from debt and preferred equity investments.
Net loss of $11.1M vs. $2.2M loss in Q2 2024
FFO per share of $1.63, down from $2.05 in Q2 2024
Signed 46 Manhattan office leases totaling 541,721 sq ft
Raised 2025 FFO guidance to $5.65–$5.95 per share
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 rental Revenue
CapyFin.com Forward Guidance
The company raised its full-year 2025 FFO guidance, citing strong income from its debt and preferred equity portfolio, while maintaining its net income guidance.
Positive Outlook
- Raised FFO guidance to $5.65–$5.95 per share
- Expecting Manhattan same-store occupancy to rise to 93.2% by year-end
- Incremental income from debt and preferred equity portfolio
- Strong leasing activity with 46 leases signed in Q2
- Maintained net income guidance of $1.27–$1.57 per share
Challenges Ahead
- Net loss widened vs. last year
- FFO per share declined from $2.05 to $1.63
- Same-store cash NOI decreased 1.0% excluding lease termination income
- Other income declined vs. prior year
- Occupancy slightly down from prior quarter (91.8% to 91.4%)