Earnings summaries and quarterly performance for SL GREEN REALTY.
Executive leadership at SL GREEN REALTY.
Board of directors at SL GREEN REALTY.
Research analysts who have asked questions during SL GREEN REALTY earnings calls.
Alexander Goldfarb
Piper Sandler
5 questions for SLG
Also covers: ALEX, ALX, AVB +25 more
John Kim
BMO Capital Markets
5 questions for SLG
Also covers: AIV, ALX, ARDX +32 more
Ronald Kamdem
Morgan Stanley
5 questions for SLG
Also covers: AAT, ADC, AHR +36 more
Steve Sakwa
Evercore ISI
5 questions for SLG
Also covers: ALX, AMH, AVB +31 more
Blaine Heck
Wells Fargo Securities
4 questions for SLG
Also covers: BXP, CDP, COLD +13 more
Caitlin Burrows
Goldman Sachs
4 questions for SLG
Also covers: ALX, BNL, BRX +19 more
Nicholas Yulico
Scotiabank
4 questions for SLG
Also covers: AHR, ALX, AVB +20 more
Anthony Paolone
JPMorgan Chase & Co.
3 questions for SLG
Also covers: ARE, BDN, BNL +29 more
Michael Lewis
Truist Securities, Inc.
3 questions for SLG
Also covers: ALX, BDN, BXP +12 more
Omotayo Okusanya
Deutsche Bank AG
3 questions for SLG
Also covers: AMH, ARE, BDN +40 more
Peter Abramowitz
Jefferies
3 questions for SLG
Also covers: AHH, ARE, BXP +14 more
Seth Bergey
Citi
3 questions for SLG
Also covers: AHR, BDN, CBRE +15 more
Vikram Malhotra
Mizuho Financial Group, Inc.
3 questions for SLG
Also covers: ALX, ARE, BXP +17 more
Brendan Lynch
Barclays
2 questions for SLG
Also covers: BXP, CCI, CUBE +16 more
Jeffrey Spector
BofA Securities
2 questions for SLG
Also covers: AKR, AMH, AVB +25 more
Michael Griffin
Citigroup Inc.
2 questions for SLG
Also covers: AHR, ALX, ARE +32 more
Jana Galan
Bank of America
1 question for SLG
Also covers: ADC, AHH, BXP +20 more
Viktor Fediv
Scotiabank
1 question for SLG
Also covers: AHH, BRX, FR +3 more
Recent press releases and 8-K filings for SLG.
SL Green Outlines Strategic Shift to Asset Management and Strong 2025 Leasing Performance
SLG
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- SL Green is undergoing a strategic shift towards an asset management business model, aiming to generate reliable, recurring cash flows and grow its fee structure faster than Net Operating Income (NOI). The company projects annual gross fees to increase from over $100 million to $150 million or $200 million over the next few years.
- The company reported strong leasing performance in 2025, exceeding its target by signing 2.3 million sq ft of leases year-to-date and expecting to reach 2.6 million sq ft by year-end. Manhattan same-store occupancy is projected to be 93.2%.
- SL Green anticipates significant financial improvements in the coming years, including a projected $545 million of NOI at share from its stabilized office portfolio in 2026 , a $1.2 billion debt reduction goal , and a $33 million lower interest expense in 2027 compared to 2026.
- The company plans to optimize its portfolio by exiting its suburban assets and monetizing residential properties in 2026. Its Summit One Vanderbilt asset is expected to generate $145 million in revenues and $64 million in profit before rent.
5 days ago
SL Green Outlines Strategic Shift to Asset Management, Strong Leasing Performance, and 2026 FFO Guidance
SLG
Guidance Update
New Projects/Investments
Debt Issuance
- SL Green is transitioning its business model to focus on asset management, aiming to generate $150-$200 million annually in gross fees over the next few years, with $131 million of revenue projected for 2026 from these streams, contributing $96 million to FFO.
- The company exceeded its 2025 leasing target, signing 2.3 million sq ft of leases and expecting to reach 2.6 million sq ft by year-end, driven by strong tenant demand and tightening market conditions in Manhattan, with Class A availability at 12%.
- SL Green provided 2026 FFO guidance of $4.40-$4.70 per share and expects to reduce corporate unsecured debt by over $700 million and total debt by almost $1.2 billion, leading to a projected $33 million reduction in interest expense in 2027 compared to 2026.
- The real estate portfolio's GAAP Net Operating Income (NOI) is projected to be $808 million in 2026, a $24 million increase from 2025, with same-store cash NOI growth expected to exceed 10% in 2027.
5 days ago
SLG Updates 2025 Forecast and Provides 2026 Guidance and Strategic Objectives
SLG
Guidance Update
New Projects/Investments
Debt Issuance
- SLG updated its 2025 Reported FFO per share forecast to $5.70 and provided 2026 FFO per share guidance in the range of $4.40 - $4.70.
- For 2026, the company targets $1.2 billion in debt reduction and plans to extend, modify, or refinance $7.0 billion in debt.
- Key strategic initiatives include the development of 346 Madison Avenue, with total levered uses projected at $1.835 billion, and a goal to deploy over $1.0 billion in its Opportunistic Debt Fund by year-end 2026.
- SLG aims for $2.5 billion in dispositions and over $1.0 billion in acquisitions in 2026, including the acquisition of Park Ave Tower.
5 days ago
SL Green Realty Corp. Announces Q3 2025 Results
SLG
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
- 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
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
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
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
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
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
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
Quarterly earnings call transcripts for SL GREEN REALTY.
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