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Sep 30, 2025
SL Green Q3 2025 Earnings Report
Reported EPS of $0.34 and signed 658K sq. ft. in Manhattan leases.
Key Takeaways
SL Green returned to profitability in Q3 2025 with $24.87M in net income and strong leasing activity in Manhattan, while continuing to invest in prime properties and strategically manage its debt portfolio.
Signed 52 Manhattan office leases totaling 657,942 sq. ft.
Manhattan same-store office occupancy increased to 92.4%
Reported FFO per share of $1.58, boosted by gaming license-related costs
Recorded net income of $24.87M, reversing a net loss from Q3 2024
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
SL Green expects to improve Manhattan occupancy and close on new acquisitions, while maintaining a focus on managing its debt and investment returns.
Positive Outlook
- Expected increase in Manhattan office occupancy to 93.2% by year-end
- Park Avenue Tower acquisition expected to close in Q1 2026
- Signed new and expansion leases with several high-profile tenants
- Reduced debt via discounted extinguishment generating $57.2M in gains
- Joint venture refinancing of 11 Madison Ave at fixed rate of 5.592%
Challenges Ahead
- Same-store cash NOI declined 4.2% YoY
- Mark-to-market on new leases down 2.7%
- SUMMIT revenues impacted by temporary service outage
- Net investment losses from unconsolidated joint ventures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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