Core Insights - SL Green Realty Corp. (SLG) reported third-quarter 2025 funds from operations (FFO) per share of $1.58, exceeding the Zacks Consensus Estimate of $1.34 and up from $1.13 in the same period last year [1][11] Financial Performance - The company achieved net rental revenues of $149.7 million, slightly above the Zacks Consensus Estimate of $149.6 million, and reflecting a 7.2% year-over-year increase [2] - Same-store cash net operating income (NOI) decreased 5.5% year over year to $161 million, excluding lease termination income [6] - Interest expenses increased 12.2% from the previous year to $47.2 million [7] Leasing Activity - SLG signed 52 office leases totaling 0.7 million square feet in Manhattan, with an average rental rate of $92.81 per rentable square foot, up from $90.03 in the previous quarter [4] - The average lease term for signed leases was 8.9 years, with tenant concessions averaging 9.1 months of free rent [5] Portfolio Activity - In October 2025, SLG contracted to acquire Park Avenue Tower for $730 million, expected to close in Q1 2026 [3] - The company also entered into a contract to acquire 346 Madison Avenue for $160 million, anticipated to close in Q4 2025 [9] - SLG sold a 5% stake in One Vanderbilt Avenue for $86.6 million, maintaining a 55% stake post-transaction [8] Liquidity Position - As of September 30, 2025, SLG had cash and cash equivalents of $187 million, an increase from $182.9 million at the end of Q2 2025 [10] - The net carrying value of the company's debt and preferred equity portfolio decreased to $289.7 million from $315.7 million in the previous quarter [12]

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]