SL Green Realty Corp

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.