Companies /Real Estate

SL Green Realty Corp

NYSE: SLG Reit - Office
$57.55
▼ $0.29 (−0.50%) today
Markets closed · 5:21pm ET

Q3 2025 Earnings

Reported Oct 16, 2025, 1:44pm ET · SEC source
$0.34
Beat +113,433.33%
EPS · est. $0.00
$244.8M
Beat +40.26%
Revenue · est. $174.6M
−14.6%
Trailing market
SLG vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−4%−2%0+2%Oct 16Oct 17report 1:44pm ETearnings+0.5%−2.6%
−4%−2%0+2%Oct 16Oct 17earnings+0.5%−2.6%
SLG −2.6%S&P 500 +0.5%
−4%−2%0+2%Oct 16Oct 17report 1:44pm ETearnings+0.6%−2.6%
−4%−2%0+2%Oct 16Oct 17earnings+0.6%−2.6%
SLG −2.6%NASDAQ +0.6%
−4%0+4%Oct 15Oct 24report 1:44pm ETearnings+2.5%−4.1%
−4%0+4%Oct 15Oct 24earnings+2.5%−4.1%
SLG −4.1%S&P 500 +2.5%
−4%0+4%Oct 15Oct 24report 1:44pm ETearnings+2.8%−4.1%
−4%0+4%Oct 15Oct 24earnings+2.8%−4.1%
SLG −4.1%NASDAQ +2.8%
−2.30%
Day of report
−1.67%
Next session
−1.39%
One week
−15.29%
30 days

S&P 500 over the same 30 days: −0.65%.

Did SLG Beat Earnings? Q3 2025 Results

SL Green Realty delivered a standout third quarter, swinging to a GAAP net income of $24.87 million from a year-ago loss of $13.28 million as the Manhattan office landlord posted earnings per share of $0.34 against a consensus estimate near zero, while revenue climbed 14.3% year-over-year to $244.82 million, beating the $174.55 million estimate by 40.26%. The most consequential driver behind the results was a $57.20 million net gain on discounted debt extinguishment at 1552-1560 Broadway, where roughly $219.50 million in total debt claims were retired for just $63.00 million, materially boosting the bottom line. On the operational side, Manhattan same-store office occupancy improved to 92.4%, and the company expects that figure to reach 93.2% by year-end, supported by robust leasing activity totaling nearly 658,000 square feet across 52 leases. Scotiabank maintained its Buy rating on the stock following the print, reflecting broader analyst confidence in the company's trajectory as it also moves toward two pending acquisitions totaling $890.00 million expected to close in coming quarters.

Key Takeaways
  • Rental revenue increased to $149.7 million from $139.6 million year-over-year
  • Net gain on discounted debt extinguishment of $57.2 million at 1552-1560 Broadway
  • Sale of 5% interest in One Vanderbilt at $4.7 billion gross asset valuation generating $86.6 million in proceeds
  • Manhattan same-store office occupancy increased to 92.4% from 91.5% prior quarter
  • 52 Manhattan office leases signed totaling 657,942 square feet in Q3 2025
  • Special servicing business grew by $1.6 billion in active assignments to $7.7 billion total

Forward Guidance & Outlook

SL Green expects Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to increase to 93.2% by December 31, 2025. The SUMMIT Ascent feature at One Vanderbilt is expected to be returned to service in Q4 2025 after being temporarily taken out for maintenance. The company has two pending acquisitions: Park Avenue Tower at 65 East 55th Street for $730 million expected to close in Q1 2026, and 346 Madison Avenue/11 East 44th Street for $160 million expected to close in Q4 2025.

SLG YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$70.0M$140.0M$210.0M$214.3M$244.8MRevenue$68.6M$62.5MOperating Income$4.6M$24.9MNet Income
$0$70.0M$140.0M$210.0MRevenueOperating IncomeNet Income

SLG Revenue by Segment

Rental Revenue$149.7M
SUMMIT Operator Revenue$32.9M
SUMMIT Operator
Escalation and Reimbursement Revenues$18.9M
Interest Income from Real Estate Loans (Consolidated Securitization Vehicles)
Fee Income
Other Income
Interest Income from Real Estate Loans Held by Consolidated Securitization Vehicles

Figures from SEC filings and company reports. Not investment advice.