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Dec 31, 2025
SL Green Q4 2025 Earnings Report
SL Green reported a Q4 net loss of $104.6 million and revenues of $276.5 million.
Key Takeaways
SL Green faced a challenging Q4 2025 with a significant net loss, although leasing momentum remained strong with over 750,000 sq. ft. signed in Manhattan. The company continued to invest strategically in Manhattan properties and expanded its special servicing portfolio.
Reported a Q4 2025 net loss of $104.6 million, or $1.49 per share.
Generated $276.5 million in revenue during the quarter.
Signed 56 Manhattan office leases totaling 766,783 sq. ft.
Same-store cash NOI decreased 3.4% YoY, excluding lease termination income.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company remains focused on strategic acquisitions and debt optimization, while managing a volatile leasing market and NOI pressures.
Positive Outlook
- Closed acquisition of Park Avenue Tower for $730 million.
- Extended mortgage maturity at 100 Park Avenue to 2029.
- Expanded presence on Park Avenue with multiple transactions.
- Strong leasing momentum with notable new tenants.
- Dividend policy updated for quarterly payments starting 2026.
Challenges Ahead
- Continued net losses due to fair value and depreciation adjustments.
- Same-store cash NOI declined in Q4.
- Interest expenses rose substantially YoY.
- SUMMIT Operator revenues declined YoY.
- Full-year net loss of $111.9 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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