SL Green Realty Corp. reported a net income attributable to common stockholders of $24.9 million, or $0.34 per share, for the third quarter ended September 30, 2025, a significant improvement from a net loss of $13.3 million, or $0.21 per share, for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $7.3 million, or $0.12 per share.
Funds from Operations (FFO) for the third quarter ended September 30, 2025, were $120.4 million, or $1.58 per share, which includes $13.1 million in transaction costs primarily related to the Company's pursuit of a gaming license. This compares to FFO of $78.6 million, or $1.13 per share, in Q3 2024.
For the nine months ended September 30, 2025, FFO reached $351.4 million, or $4.60 per share, benefiting from $71.6 million related to the repayment of a commercial mortgage investment and a $57.2 million net gain on discounted debt extinguishment.
Total revenues for the third quarter of 2025 were $244.8 million.

Oct 16, 2025, 6:00 PM

Presentation

SLG Reports Strong Leasing Activity and Strategic Acquisitions in Q3 2025

SLG

M&A

New Projects/Investments

Revenue Acceleration/Inflection

SLG reported strong leasing activity in Q3 2025, having signed over 1,900,000 square feet of leases year-to-date and expecting to exceed 2,000,000 square feet by year-end. Company-wide occupancy increased to above 92% as of September and is projected to reach 93.2% by year-end.
The company acquired Park Avenue Tower for $730,000,000, an asset with 95% in-place occupancy and in-place rents of approximately $125 per foot blended that are considered under market. SLG also acquired a new development site at 346 Madison Avenue and 11 East 40 Fourth for a new office project with an expected completion by 02/1930.
The New York office market is experiencing a strong recovery, with rising tenant demand and rents, particularly in the Park Avenue corridor. Concessions are tightening, with tenant improvements (TIs) decreasing by $5 to $10 per square foot and free rent periods shortening to 14-16 months from a high of 18 months.
Cash lease spreads were slightly negative in Q3 2025, attributed to two specific leases. FFO was impacted by a $0.17 transaction cost and an estimated $0.20 increase in interest expense over Q3 and Q4 due to a higher line balance.

Oct 16, 2025, 6:00 PM

Transcript

SL Green Reports Strong Q3 2025 Leasing and Occupancy, Announces Key Acquisitions and Refinancing

SLG

Earnings

New Projects/Investments

Debt Issuance

SL Green reported robust leasing activity for Q3 2025, signing over 1.9 million square feet of leases year-to-date and expecting to exceed 2 million square feet by year-end 2025. Occupancy increased to over 92% by the end of September, with a target of 93.2% by year-end.
The company made significant acquisitions, including Park Avenue Tower for $730 million and a new development site at 346 Madison Avenue and 11 East 44th Street.
Financing activities included a $1.4 billion refinancing at 11 Madison Avenue at approximately 5.6%, and the SLG opportunistic debt fund reached $1 billion in closings with $220 million deployed, projected to increase to over $400 million by year-end.
The New York office market is experiencing strong demand, with rents appreciating 10% to 20% in some buildings over the last 10 months, and expectations for 20% to 25% rent growth in the Park Avenue market over the next four to five years. Park Avenue Tower, a recent acquisition, has in-place rents of $125 per foot compared to market rents of mid-$150 to over $200 per square foot.
FFO was affected by an incremental debt extinguishment gain, partially offset by $0.17 in transaction costs and an approximate $0.20 increase in interest expense over Q3 and Q4 due to a higher line balance.

Oct 16, 2025, 6:00 PM

Transcript

SL Green Realty Corp. Reports Q3 2025 Results and Strategic Transactions

SLG

Earnings

New Projects/Investments

M&A

SL Green Realty Corp. reported net income attributable to common stockholders of $0.34 per share and Funds from Operations (FFO) of $1.58 per share for the third quarter of 2025. This compares to a net loss of $0.21 per share and FFO of $1.13 per share for the same period in 2024.
The company signed 52 Manhattan office leases totaling 657,942 square feet in Q3 2025, with a mark-to-market of 2.7% lower than previous rents. Manhattan same-store office occupancy increased to 92.4% as of September 30, 2025.
SL Green entered into contracts to purchase Park Avenue Tower for $730.0 million and 346 Madison Avenue for $160.0 million, with closings expected in Q1 2026 and Q4 2025, respectively. The company also closed on the sale of a 5.0% interest in One Vanderbilt Avenue for $86.6 million.
In financing activities, the company completed a $1.4 billion refinancing of 11 Madison Avenue and recorded a net gain on discounted debt extinguishment of $57.2 million at 1552-1560 Broadway in the third quarter of 2025.

Oct 16, 2025, 5:44 PM

8-K

SL Green to Acquire Park Avenue Tower

SLG

M&A

New Projects/Investments

SL Green Realty Corp. has entered into a contract to acquire Park Avenue Tower for $730.0 million.
The transaction is expected to close in the first quarter of 2026.
The acquisition is anticipated to deliver sustainable cash flow and long-term value creation, further solidifying SL Green's position as a leading owner of premier properties along Park Avenue.
Park Avenue Tower is a 36-story, 621,824 square foot, Class A office building located at 65 East 55th Street, described as strategically located and well-leased at below-market rents, offering significant upside.

Oct 15, 2025, 8:22 PM

Press Release

Mori Building Co. Increases Stake in SL Green's One Vanderbilt Avenue

SLG

New Projects/Investments

M&A

Mori Building Co., Ltd. acquired an additional 5.0% interest in One Vanderbilt Avenue from SL Green Realty Corp. on October 15, 2025.
This transaction valued the trophy office tower at a gross $4.7 billion.
Following this sale, Mori Building Co., Ltd.'s total stake in One Vanderbilt Avenue is 16.0%, while SL Green retains a 55.0% interest.
One Vanderbilt Avenue is a 1.7 million-square-foot skyscraper that is 100 percent leased.

Oct 15, 2025, 8:18 PM

Press Release

SL Green Realty Reports Robust New York Office Market Recovery

SLG

New Projects/Investments

Revenue Acceleration/Inflection

Debt Issuance

SL Green Realty is experiencing strong leasing momentum, having leased 1.5 million square feet to date and expecting to exceed its 2 million square feet goal for 2025. The company's leased occupancy is projected to increase from 91.7% to over 93% by the end of 2025, with a trajectory towards 95%+ stabilized occupancy next year.
The New York City office market is in full-on recovery mode, with availability rates broadly declining and rents rising. Availability in Midtown's "better buildings" is 8.1%, down from 8.6% a quarter ago, and total Midtown availability is 11%.
The transaction market is opening up, supported by a recovering CMBS market and renewed investor interest. SL Green recently acquired a new development site at 346 Madison Avenue for future development and notes that financing markets for New York assets are clearly open.
Management anticipates material rent increases and expects same-store Net Operating Income (NOI) for the sector to be higher next year. They also project long-term debt rates to decline when the Fed begins to cut.

Sep 10, 2025, 6:15 PM

Transcript

SL Green Realty Discusses Strong New York Office Market Recovery

SLG

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

SL Green Realty has seen strong leasing activity, with 1.5 million square feet leased year-to-date and a pipeline of over 1.1 million square feet, aiming to exceed 2 million square feet for the year.
The New York office market is in recovery, with total Midtown availability at 11% and Park Avenue at around 5%. SL Green's leased occupancy is currently 91.7% and is projected to reach over 93% by year-end.
The company is actively investing, recently acquiring a new development site at 346 Madison Avenue, and notes a strong recovery in financing markets for New York assets.
Office-to-residential conversions are significantly reducing office inventory, with an estimated 40-50 million square feet potentially coming off the market, contributing to rising rents and a landlord's market.

Sep 10, 2025, 6:15 PM

Transcript

SL Green Realty Reports Strong Leasing Momentum and Positive Market Outlook at 2025 Global Real Estate Conference

SLG

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

SL Green Realty reports strong leasing momentum, with 1.5 million sq ft leased year-to-date and an expected 500,000 sq ft in Q3 2025, putting them on track to exceed their 2 million sq ft goal for the year.
The company's leased occupancy is currently 91.7%, projected to reach over 93% by year-end 2025, driven by a recovering New York City office market where availability rates are declining and rents are rising, particularly in core Midtown.
SL Green has acquired a new development site at 346 Madison Avenue, with plans to develop it over a two-year planning and approval process, and continues to find debt investment opportunities targeting mid-teens returns.
Management anticipates long-term debt rates to decline when the Fed cuts, plans to increase spending on AI initiatives, and expects same-store Net Operating Income (NOI) for the sector to be higher next year.

Sep 10, 2025, 6:15 PM

Transcript

SL Green Realty Corp. Amends CEO Employment Agreement

SLG

Executive Compensation

New Projects/Investments

Management Change

SL Green Realty Corp. and CEO Marc Holliday entered into an amendment to his employment agreement on June 24, 2025, with the amended terms effective as of January 18, 2025.
The amendment specifies that Marc Holliday will be eligible for annual time-based equity awards of LTIP Units, starting in January 2026, with a target value of not less than $5,000,000 for achievement of target performance, determined by the Compensation Committee based on prior year performance. The number of LTIP Units can be increased by up to 200% based on the achievement of three-year operational or financial goals.
Marc Holliday is eligible for a one-time cash bonus of $10,000,000 if the 1515 Broadway property is converted into a world-class gaming, hotel, and entertainment destination, and the Employer's estimated share of projected EBITDA is not less than $100 million during the first full stabilized year of operations.
Provisions for formulaic cash payments following a change in control were eliminated; instead, a diminution in Mr. Holliday's compensation after a change-in-control would constitute "good reason" under the employment agreement.

Jun 24, 2025, 12:00 AM

8-K

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