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SL Green Realty
SL Green Realty (SLG) investor relations material
SL Green Realty Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved a strong start to 2026, with operating metrics exceeding expectations set in December 2025.
Reported a net loss attributable to common stockholders of $104.6M ($1.49/share) for Q4 2025 and $111.9M ($1.61/share) for the year, compared to net income in 2024.
FFO for Q4 2025 was $86.2M ($1.13/share), and $437.7M ($5.72/share) for the year, both down from 2024 due to lower one-time gains and higher transaction costs.
New York City business environment remains robust, with tax collections up 8.5% in 2025 and strong leasing activity.
Private and global investor demand for NYC office assets is at a multi-year high, with significant capital inflows expected.
Financial highlights
Q4 FFO beat by $0.02 per share, driven by higher NOI and lower expenses.
FAD for 2025 was $237.2M, outperforming initial 2024 guidance by $65M, with $20M of that in Q4.
Q4 other income rose to nearly $40M, mainly from transaction and special servicing fees.
Q4 2025 property NOI (including JV share) was $193.4M; full-year 2025 was $803.5M.
Total revenues for Q4 2025 were $276.5M, up from $245.9M in Q4 2024; full-year revenues reached $1.0B.
Outlook and guidance
Targeting 94.8% same-store occupancy by end of 2026, with over 1 million sq ft in the leasing pipeline.
Projecting 3.5%-4.5% same-store NOI growth in 2026 and 10%+ in 2027.
$7B refinancing and $2.5B disposition plans underway, with most asset sales expected in the second half of 2026.
Announced a shift to quarterly ordinary dividends (from monthly) starting in 2026, with continued cash payments.
Management highlighted a strong leasing pipeline and continued focus on Park Avenue presence.
FFO impact from lower debt extinguishment gains?
Reconcile occupancy gains vs. cash NOI decline.
Rationale for new ground-up office development?
How is AI impacting tenant space needs?
What drives global investor appetite for NYC assets?
How will capital spend moderate to boost FAD?
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Latest summaries
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Q4 2025 saw strong growth and high returns, but annual profit fell due to higher costs and impairments. - DNBQ4 2025 profit NOK 11.6bn, 16.6% ROE, NOK 18 dividend, and strong CET1 at 17.9%.
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All-time high profit and cash flow, with robust Marine and Energy growth and key divestments. - NOBA
Record profit growth, robust capital, and SME expansion via acquisition in 2025. - 8354
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Operating profit surged 52% despite lower sales, driven by restructuring and acquisitions.
Next SL Green Realty earnings date
Q1 202622 Apr, 2026
SL Green Realty
Next SL Green Realty earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
NYC focused REIT
SL Green Realty is an American Real Estate Investment Trust (REIT) specializing in commercial properties, particularly in New York City. The company's primary focus is on acquiring, managing, and maximizing the value of Manhattan commercial properties, and is one of the largest office landlords in the city. SL Green's strategy involves not only the ownership and management of these assets but also investing in a variety of debt and preferred equity investments. Their portfolio includes several high-profile buildings, catering to a range of tenants from various sectors. The company is headquartered in NYC, and its shares are listed on the NYSE.
Starting Out as a Commercial Mortgage Broker
SL Green Realty was founded in 1980 by Stephen L. Green and is a major player in the commercial real estate industry, particularly in New York City. Initially a commercial mortgage broker, the company shifted focus to property investments and management, becoming a fully integrated REIT in 1997. Over the years, SL Green has concentrated on developing, acquiring, and managing offices primarily in Manhattan, something it continues to do to this day.
Developing and Managing Properties
As previously mentioned, the company’s approach involves purchasing properties in key locations, which in some cases is followed by redevelopment or renovation to improve their value and appeal. The management aspect of their business includes handling daily operations, maintenance, and leasing out the properties to businesses and companies. SL Green also practices strategic asset management, which involves selling properties at opportune moments and reinvesting in new ventures. When looking at similar companies to SL Green, one finds names such as Boston Properties, Vornado Realty, Hudson Pacific, and several others.
Operating as a REIT
SL Green operates as a Real Estate Investment Trust, which is not something unusual for this type of company. REIT is a type of company that owns, operates, or finances income-generating real estate across a range of property sectors. These can include residential, commercial, industrial, and healthcare spaces, among others. REITs allow individual investors to earn dividends from real estate investments without needing to buy, manage, or finance any properties themselves. Most REITs operate along a straightforward model: they lease space and collect rent on the properties, then distribute that income as dividends to shareholders. In the United States, REITs must distribute at least 90% of their taxable income to shareholders annually, in the form of dividends.
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