SL Green Realty Corp. Reports Third Quarter 2025 EPS of $0.34 Per Share; and FFO of $1.58 Per Share

Financial Performance - The company reported a net income attributable to common stockholders of $24.9 million, or $0.34 per share, for Q3 2025, compared to a net loss of $13.3 million, or $0.21 per share, for the same period in 2024 [3][4] - For the nine months ended September 30, 2025, the company reported a net loss of $7.3 million, or $0.12 per share, compared to a net loss of $2.3 million, or $0.06 per share, for the same period in 2024 [4] - Funds from operations (FFO) for Q3 2025 were $120.4 million, or $1.58 per share, net of transaction costs of $13.1 million, primarily related to the pursuit of a gaming license [5][7] Leasing Activity - The company signed 52 Manhattan office leases totaling 657,942 square feet in Q3 2025, with an average rent of $92.81 per rentable square foot [11] - For the first nine months of 2025, 143 Manhattan office leases totaling 1,801,768 square feet were signed, with an average rent of $88.91 per rentable square foot [12] - Manhattan same-store office occupancy increased to 92.4% as of September 30, 2025, with expectations to reach 93.2% by December 31, 2025 [13] Investment Activity - The company entered into a contract to purchase Park Avenue Tower for $730 million, expected to close in Q1 2026 [14] - A 5.0% interest in One Vanderbilt Avenue was sold for a gross asset valuation of $4.7 billion, generating proceeds of $86.6 million [15] - The company also contracted to purchase 346 Madison Avenue for $160 million, expected to close in Q4 2025 [16] Debt and Financing - The carrying value of the company's debt and preferred equity portfolio was $289.7 million as of September 30, 2025, with a weighted average current yield of 8.8% [17] - A $1.4 billion fixed-rate refinancing of 11 Madison Avenue was completed, with an effective rate of 5.592% [18] - The mortgage on 100 Church Street was modified and extended, with a principal paydown of $5 million and a maturity date extended to June 2028 [19] Special Servicing and Asset Management - The company's special servicing business increased by $1.6 billion in active assignments, totaling $7.7 billion, with an additional $9.9 billion designated for assets not currently in active special servicing [21]