Financial Performance - SL Green reported a net loss attributable to common stockholders of $11.1 million, or $0.16 per share, for Q2 2025, compared to a net loss of $2.2 million, or $0.04 per share, in Q2 2024[26]. - For the six months ended June 30, 2025, the net loss attributable to common stockholders was $32.2 million, or $0.47 per share, compared to net income of $11.0 million, or $0.16 per share, for the same period in 2024[27]. - The company reported a net loss of $30,429,000 for the first half of 2025, with a significant increase in the retained deficit to $(613,117,000)[61]. - The company reported a net loss attributable to common stockholders of $11,092,000 for the three months ended June 30, 2025, compared to a loss of $2,160,000 for the same period in 2024[148]. - For the three months ended June 30, 2025, the net loss was $6,817,000 compared to a net income of $1,959,000 for the same period in 2024[150]. Funds from Operations (FFO) - Funds from Operations (FFO) for Q2 2025 was $124.5 million, or $1.63 per share, down from $143.9 million, or $2.05 per share, in Q2 2024[28]. - For the six months ended June 30, 2025, FFO was $231.1 million, or $3.03 per share, compared to $359.4 million, or $5.12 per share, for the same period in 2024[29]. - The company’s total FAD (Funds Available for Distribution) adjustments for the six months ended June 30, 2025, were $(100,627), compared to $(38,129) in the same period of 2024, indicating a significant increase in adjustments[64]. - The company reported total Funds Available for Distribution (FAD) reported was $63,533,000 for the three months ended June 30, 2025, compared to $114,229,000 in the same period last year, a decline of 44.4%[60]. Revenue and Income - Total revenues for the three months ended June 30, 2025, increased to $241,916,000, up from $222,820,000 for the same period in 2024, representing an increase of 8.8%[57]. - Rental revenue, net for the three months ended June 30, 2025, was $147,535,000, compared to $135,563,000 in the prior year, reflecting a growth of 8.8%[57]. - The company reported a gain on early extinguishment of debt of $17,777,000 in the three months ended June 30, 2024, which was not repeated in 2025[57]. - The company reported a loss on the sale of real estate of $167,000 for the second quarter of 2025, compared to a gain of $2,741,000 in the same quarter of 2024[151]. Operating Expenses - Total operating expenses for the three months ended June 30, 2025, were $95,276,000, a decrease from $128,055,000 in the same period last year, representing a reduction of 25.7%[57]. - Total operating expenses for the three months ended June 30, 2025, were $156,777, an increase from $141,690 in the same period of 2024, representing a rise of 10.6%[63]. - The total depreciation and amortization expense for the second quarter of 2025 was $60,160,000, compared to $52,247,000 in the same quarter of 2024, an increase of approximately 15.2%[151]. Leasing Activity - In Q2 2025, SL Green signed 46 office leases in Manhattan totaling 541,721 square feet, with an average rent of $90.03 per rentable square foot[33]. - For the six months ended June 30, 2025, the company signed 91 office leases in Manhattan totaling 1,143,826 square feet, with an average rent of $86.52 per rentable square foot[34]. - The average lease term for Manhattan office leases signed in Q2 2025 was 7.8 years, with average tenant concessions of 6.3 months of free rent[33]. - The average starting cash rent per square foot for office leases signed in Q2 2025 was $95.93, a 2.4% increase from the previous escalated cash rent of $93.65[51]. Occupancy Rates - Manhattan same-store office portfolio occupancy was 91.4% as of June 30, 2025, with an expected increase to 93.2% by December 31, 2025[35]. - Same-store cash NOI decreased by 0.1% in Q2 2025, or 1.0% excluding lease termination income, compared to Q2 2024[31]. - Same-store cash NOI increased by 1.4% for the six months ended June 30, 2025, or 0.7% excluding lease termination income, compared to the same period in 2024[32]. - Same-store net operating income (NOI) for the three months ended June 30, 2025, was $170,773,000, up 5.4% from $162,055,000 in 2024[71]. Debt and Equity - The carrying value of the Company's debt and preferred equity portfolio was $525.4 million, with a weighted average current yield of 7.0%[38]. - Total consolidated debt was $3,753.4 million as of June 30, 2025, down from $3,876.7 million at the end of the previous quarter[48]. - The company reported total debt consolidated as of June 30, 2025, was $3,753,402,000, with a weighted average interest rate of 5.41%[72]. - The company’s total equity decreased to $3,880,103 as of June 30, 2025, from $3,953,427 as of March 31, 2025, a decline of 1.85%[56]. Asset Management - The Company generated net proceeds of $196.6 million from the repayment of a commercial mortgage investment valued at $125.0 million, which was repaid for $200.0 million[36]. - The Company closed the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million, generating net proceeds of $3.2 million[37]. - Real estate assets before depreciation totaled $6,731.3 million as of June 30, 2025, an increase from $6,678.9 million at the end of the previous quarter[48]. - The company has a total of 4,473,603 net rentable square feet in its West Coast Office Portfolio acquired in July 2012, valued at $880.104 million with an occupancy rate of 76.3%[135]. Strategic Acquisitions and Dispositions - The company has engaged in various redevelopment projects, including 625 Madison Avenue, expected to generate $634,600,000 from a net rentable area of 563,000 square feet, averaging $1,127 per square foot[136]. - The company has a strategic focus on high-occupancy areas, with properties like 245 Park Avenue achieving an occupancy rate of 91.8%[133]. - The company has shown a trend of increasing valuations over time, with properties sold in recent years achieving higher price per square foot compared to earlier years[134]. - The company has a significant focus on the Times Square area, with multiple properties disposed of and planned for future transactions, indicating a strategic market expansion[136].

Core Insights - SL Green Realty Corp. (SLG) has signed a new lease with Sigma Computing for 64,077 square feet at One Madison Avenue, increasing the property's leased space to 78.1% [1][7] - Year-to-date, SL Green has signed Manhattan office leases totaling 1,260,707 square feet and has a current pipeline of approximately 1 million square feet [1][7] - The leasing momentum in Midtown South is accelerating, with ongoing discussions for a significant portion of the remaining available space at One Madison Avenue [2] Company Overview - SL Green operates with a mono-market strategy focused on the high-demand New York real estate market, characterized by high barriers to entry [3] - The company benefits from long-term leases with tenants that have strong credit profiles, positioning it for stable rental revenues in the long term [3] Recent Performance - In Q2 2025, SL Green signed 46 office leases in Manhattan totaling 541,721 square feet, including a notable lease with Pinterest for 82,812 square feet at Eleven Madison Avenue [4] - Over the past three months, SL Green's shares have increased by 22%, outperforming the industry average rise of 3.2% [4]

Core Insights - SL Green Realty Corp. (SLG) reported Q2 2025 funds from operations (FFO) per share of $1.63, exceeding the Zacks Consensus Estimate of $1.37, but down from $2.05 in the same period last year [1][10] - The company has raised its 2025 FFO outlook midpoint by $0.40, now expecting it to be between $5.65 and $5.95 per share [11] Financial Performance - Net rental revenues for Q2 2025 were $147.5 million, slightly missing the Zacks Consensus Estimate of $147.6 million, but representing an 8.8% year-over-year increase [2] - Same-store cash net operating income (NOI) decreased marginally year over year to $153.3 million, excluding lease termination income [5] - Interest expenses increased by 26.6% year-over-year to $45.3 million [6] Leasing Activity - In Q2 2025, SL Green signed 46 office leases totaling 0.5 million square feet in Manhattan, with an average rental rate of $90.03 per rentable square foot, up from $83.75 in the previous quarter [3][4] - The average lease term for signed leases was 7.8 years, with tenant concessions averaging 6.3 months of free rent [4] Portfolio Management - SL Green sold 85 Fifth Avenue in April 2025, generating net proceeds of $3.2 million, and acquired a 49.9% interest in 100 Park Avenue for $14.9 million [7] - As of June 30, 2025, the company had cash and cash equivalents of $182.9 million, up from $180.1 million at the end of Q1 2025 [8] Outlook - SL Green expects Manhattan same-store office occupancy to improve to 93.2% by year-end 2025, including leases signed but not yet commenced [11]

Financial and Operating Highlights - The company reported a net loss attributable to common stockholders of $11.1 million, or $0.16 per share, for Q2 2025, compared to a net loss of $2.2 million, or $0.04 per share, for the same quarter in 2024 [5][6] - Funds from operations (FFO) for Q2 2025 were $124.5 million, or $1.63 per share, down from $143.9 million, or $2.05 per share, in Q2 2024 [8][9] - Same-store cash net operating income (NOI) decreased by 1.0% for Q2 2025 compared to the same period in 2024 [11] - Manhattan same-store office occupancy was 91.4% as of June 30, 2025, with expectations to increase to 93.2% by December 31, 2025 [15] Investing Highlights - The company signed 46 Manhattan office leases totaling 541,721 square feet in Q2 2025, with an average rent of $90.03 per rentable square foot [13] - The commercial mortgage investment in 522 Fifth Avenue was repaid for $200.0 million, generating net proceeds of $196.6 million [16] - The company closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million, generating net proceeds of $3.2 million [17] Financing Highlights - An affiliate of the company and a joint venture partner acquired the debt encumbering 1552-1560 Broadway for $63.0 million, which had a total debt claim of $219.5 million [20] Special Servicing and Asset Management Highlights - The company's special servicing business increased by $1.3 billion in active assignments, totaling $6.1 billion, with an additional $10.5 billion designated for special servicing on non-active assets [21] Earnings Guidance - The company increased its 2025 earnings guidance range for FFO per share to $5.65 to $5.95, reflecting incremental income from its debt and preferred equity portfolio [23]

Core Insights - SL Green Realty Corp. has signed a new lease with Sigma Computing for 64,077 square feet at One Madison Avenue, increasing the property's occupancy to 78.1% [1] - In 2025, SL Green has signed office leases totaling 1,260,707 square feet in Manhattan, with a current pipeline of approximately 1.0 million square feet [1] Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT), focusing on acquiring, managing, and maximizing the value of Manhattan commercial properties [4] - As of June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, including 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments [4] Property Features - One Madison Avenue is designed by Kohn Pedersen Fox and is noted as the most ambitious adaptive reuse project in New York City, featuring industry-leading amenities and a wellness-focused work environment [2] - The building includes a state-of-the-art HVAC system that circulates 100% fresh air, large floor-to-ceiling windows, and various amenities such as a rooftop garden, tenant-only lounge, and curated retail offerings [2]

The upcoming report from SL Green (SLG) is expected to reveal quarterly earnings of $1.37 per share, indicating a decline of 33.2% compared to the year-ago period. Analysts forecast revenues of $147.61 million, representing an increase of 8.9% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings announce ...

Core Viewpoint - SL Green Realty (SLG) has experienced a stock price increase of 12.7% over the past three months, contrasting with a 0.1% decline in the industry, driven by strong leasing demand and a high-quality portfolio [1][8]. Group 1: Portfolio and Leasing Activity - The company possesses a high-quality portfolio that is well-positioned for growth due to solid tenant demand for premier office spaces with superior amenities [1]. - In Q1 2025, SL Green signed 45 office leases totaling 0.6 million square feet, benefiting from its well-located assets and high-end amenities [4][8]. - The company has adopted an opportunistic investment policy to enhance portfolio quality, including the recent sale of six Giorgio Armani Residences, generating net proceeds of $93.3 million [6]. Group 2: Revenue Stability and Tenant Diversity - SL Green's long-term leases and diverse tenant base provide assurance of stable rental revenues, with no single tenant accounting for more than 5% of annualized cash rent, except for Paramount Global at 5.4% [5]. - The company maintains a diversified tenant base to mitigate risks associated with dependency on single-industry tenants, ensuring cash flow stability [5][8]. Group 3: Dividend and Financial Position - The company is committed to enhancing shareholder wealth through solid dividend payouts, with a sustainable dividend rate expected due to its strong operating platform and financial position compared to the industry [7]. - SL Green's focus on retaining premium and high-growth assets in Manhattan contributes to its overall financial stability and growth potential [6].

Core Viewpoint - SL Green Realty Corp. will release its second quarter 2025 earnings on July 16, 2025, followed by a conference call on July 17, 2025, to discuss the financial results [1][2]. Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [4]. - As of March 31, 2025, the company held interests in 55 buildings totaling 30.8 million square feet, which includes ownership interests in 27.2 million square feet of Manhattan buildings and 2.8 million square feet related to debt and preferred equity investments [4]. Conference Call Details - The conference call will be hosted by the executive management team, led by Marc Holliday, Chairman and CEO, and will be available in listen-only mode [2][3]. - Supplemental data will be provided simultaneously with the earnings release in the Investors section of the SL Green Realty Corp. website [2]. - A replay of the conference call will also be accessible on the company's website [3].

Investment Rating - The report maintains a "Sell" rating on SL Green Realty Corp. (SLG) with a 12-month price target of $50.00, indicating a downside potential of 15.0% from the current price of $58.82 [4][5]. Core Insights - Minor adjustments were made to SLG's estimates following the implementation of the 1Q25 Cash Flow Statement, but these changes are not considered material and do not affect the overall investment thesis, price target, or rating [1]. - The report highlights a forecast for NAREIT FFO, Core FFO, and AFFO for the years 2025 to 2027, showing slight reductions in estimates compared to previous forecasts, with notable growth rates projected for 2026 and 2027 [3]. - The valuation is based on an unchanged AFFO multiple of 31.6x, with the report emphasizing potential upside risks such as higher leasing volumes, development contributions, and share repurchases [4]. Financial Estimates Summary - NAREIT FFO for 2025 is estimated at $5.41, reflecting a decrease of 0.2% from the previous estimate, with a significant decline of 32.9% year-over-year [3]. - Core FFO for 2025 is projected at $5.11, also down by 0.2%, with a modest growth of 3.8% anticipated [3]. - AFFO is revised to $1.23 for 2025, a decrease of 1.0%, with a year-over-year decline of 31.6% [3]. - The consensus estimates for 2025 NAREIT FFO stand at $5.45, indicating a slight underperformance compared to Goldman Sachs' estimates [3]. Valuation Metrics - The market capitalization of SLG is reported at $4.5 billion, with an enterprise value of $8.1 billion [5]. - The forecasted revenue for 2025 is $606 million, consistent with previous estimates [5]. - The report indicates a dividend yield of 5.0% for 2025, with a projected return on equity (ROE) of 0.8% [5].

Core Viewpoint - SL Green Realty (SLG) has experienced a significant stock price increase of 17.7% over the past month, outperforming the industry average of 5.3% [1] Financial Performance - In Q1 2025, SLG reported funds from operations (FFO) per share of $1.40, exceeding the Zacks Consensus Estimate of $1.27, driven by improved rental rates and higher same-store cash net operating income (NOI) [1] - The company signed 45 office leases in Manhattan, covering 0.6 million square feet, with an average rental rate of $83.75 per rentable square foot, up from $74.38 in the previous quarter [3] Market Position and Strategy - SLG is well-positioned to benefit from the increasing demand for office space due to de-densification trends and the need for high-quality office properties [2] - The company maintains a diversified tenant base, with no single tenant (except Paramount Global at 5.4%) accounting for more than 5% of its annualized cash rent, which helps mitigate risks associated with dependency on specific industries [4] - SLG follows an opportunistic investment policy, divesting mature and non-core assets to enhance portfolio quality and fund development projects and share buybacks [5] Dividend Policy - SLG is committed to enhancing shareholder wealth through solid dividend payouts, maintaining a sustainable dividend rate supported by its strong operating platform and financial position [6] Industry Context - The demand for office space is expected to be influenced by macroeconomic factors, including competition and economic conditions in New York City, which could impact SLG's revenue growth [7][9]