SL Green Realty (SLG) Q2 2025 Earnings
Reported Jul 17, 2025 at 1:45 PM ET · SEC Source
Q2 25 EPS
$-0.16
MISS 205.93%
Est. $-0.05
Q2 25 Revenue
$241.9M
BEAT +40.41%
Est. $172.3M
vs S&P Since Q2 25
-39.2%
TRAILING MARKET
SLG -18.9% vs S&P +20.3%
Market Reaction
Did SLG Beat Earnings? Q2 2025 Results
SL Green Realty delivered a mixed second quarter, posting a GAAP net loss of $0.16 per diluted share against a consensus estimate of negative $0.05, a miss of roughly 205.93%, even as revenue of $241.92 million cleared analyst expectations by 40.41% … Read more SL Green Realty delivered a mixed second quarter, posting a GAAP net loss of $0.16 per diluted share against a consensus estimate of negative $0.05, a miss of roughly 205.93%, even as revenue of $241.92 million cleared analyst expectations by 40.41% and climbed 6.5% year over year. The revenue beat was largely mechanical: a $200 million repayment on the 522 Fifth Avenue commercial mortgage investment, which carried a book value of just $125 million, generated $46.60 million in non-interest income and inflated the top line well beyond normalized levels. On a more operational footing, funds from operations came in at $1.63 per diluted share, down from $2.05 a year ago partly because the prior period benefited from $48.50 million in debt extinguishment gains. Leasing momentum remained constructive, with 541,721 square feet of Manhattan office deals signed at an average rent of $90.03 per square foot and occupancy holding at 91.4%, a figure management expects to reach 93.2% by year-end. SL Green raised its full-year 2025 FFO guidance to $5.65 to $5.95 per share, a $0.40 midpoint increase, reflecting incremental income from its growing debt and preferred equity portfolio.
Key Takeaways
- • 522 Fifth Avenue commercial mortgage repayment generated $196.6 million in net proceeds and $46.6 million of non-interest income in FFO
- • Strong Manhattan office leasing: 46 leases totaling 541,721 sq ft in Q2 2025 with 2.4% positive mark-to-market on replacement leases
- • SUMMIT Operator revenue of $31.0 million in Q2 2025
- • Special servicing business grew to $6.1 billion in active assignments
- • Gain on sale of marketable securities of $10.2 million
SLG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
SLG Revenue by Segment
With YoY comparisons, source: SEC Filings
SLG Earnings Trends
SLG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SLG EPS Trend
Earnings per share: estimate vs actual
SLG Revenue Trend
Quarterly revenue: estimate vs actual
SLG Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.95 | $-1.20 | -26.96% | $253.1M | +31.58% |
| Q4 25 MISS FY | $-0.61 | $-1.49 | -146.20% | $276.5M | +69.89% |
| FY Full Year | — | $-1.61 | — | $1.00B | — |
| Q3 25 BEAT | $0.00 | $0.34 | +113,433.33% | $244.8M | +40.26% |
| Q2 25 MISS | $-0.05 | $-0.16 | -205.93% | $241.9M | +40.41% |