- SL Green Realty Corp. (SLG, Financial) reported Q1 2025 EPS of ($0.30) compared to $0.20 in Q1 2024.
- Funds from Operations (FFO) were $1.40 per share, down from $3.07 in the previous year.
- The company signed 45 office leases in Manhattan, covering 602,105 square feet.
- SLG acquired 500 Park Avenue for $130 million and sold six Giorgio Armani Residences for $93.3 million.
SL Green Realty Corp. (SLG), a leading real estate investment trust in Manhattan, reported a net loss of $0.30 per share for the first quarter of 2025, a significant decline from the $0.20 per share net income reported during the same period in 2024. The company's Funds from Operations (FFO) also decreased to $1.40 per share, from $3.07 last year, influenced by non-cash fair value adjustments.
Despite the challenging financial figures, SL Green showed resilience in its operations. The company successfully signed 45 new office leases in Manhattan, encompassing 602,105 square feet, at an average rent of $83.75 per square foot with a 9.8-year average lease term. However, the mark-to-market rate on replacement leases showed a 3.1% decrease, indicating ongoing rental rate pressures in the Manhattan office market.
Among key transactions, SL Green completed the acquisition of 500 Park Avenue for $130 million and finalized the sale of six Giorgio Armani Residences, which generated $93.3 million in net proceeds. Additionally, the company maintains an active leasing pipeline of over 1.1 million square feet and aims to increase Manhattan office occupancy from the current 91.8% to 93.2% by year-end 2025.
SL Green continues its strategic capital recycling and asset management initiatives, highlighting the acquisition of its partner's 49.9% interest in 100 Park Avenue and significant activity in special servicing with $4.8 billion in active assignments. The company's commitment to environmental, social, and governance (ESG) leadership was also recognized in USA TODAY’s 2025 ranking of America's Climate Leaders.
