SL Green Realty Corp. (SLG)

In the past six months, SL Green Realty Corp. has reported mixed financial performance and engaged in significant operational activities. For the first quarter of 2025, the company reported a net loss attributable to common stockholders of $0.30 per share, compared to a net income of $0.20 per share in Q1 2024, with FFO at $1.40 per share. The second quarter of 2025 saw a net loss attributable to common stockholders of $0.16 per share, compared to a net loss of $0.04 per share in Q2 2024, with FFO at $1.63 per share, and the company increased its 2025 FFO per share guidance range to $5.65 to $5.95. For the third quarter of 2025, SL Green reported a net income attributable to common stockholders of $0.34 per share, a significant improvement from a net loss of $0.21 per share in Q3 2024, with FFO at $1.58 per share, exceeding analyst expectations. SL Green signed 45, 46 and 52 Manhattan office leases in Q1, Q2 and Q3 2025 respectively. In April 2025, the company closed on the acquisition of its partner's 49.9% interest in 100 Park Avenue for $14.9 million. In October 2025, SL Green announced it entered into a contract to purchase Park Avenue Tower for $730.0 million, expected to close in Q1 2026. The company also closed on the sale of a 5.0% interest in One Vanderbilt Avenue for a gross asset valuation of $4.7 billion, generating proceeds of $86.6 million. An affiliate of the company extinguished debt on 1552-1560 Broadway for $63.0 million, resulting in a net gain of $57.2 million in Q3 2025. SL Green declared monthly common stock dividends of $0.2575 per share, payable in February, March, April, July, and November 2025. Several analysts have maintained or adjusted their ratings and price targets for SLG in October 2025, reflecting a varied outlook.

The commercial real estate market in New York City, where SL Green primarily operates, exhibits seasonal trends. Deal activity tends to increase in the first half of the year, peaking in late spring, and then cools down after Memorial Day as the vacation season begins. Activity typically ramps back up in September. Spring is often associated with an increase in property listings and leasing activity as businesses finalize budgets and look to expand or relocate. Summer usually sees the highest level of leasing activity, with businesses aiming to settle into new spaces before the fiscal year-end. Autumn shifts towards strategic planning.

SL Green Realty Corp. is a real estate investment trust focused on commercial properties, mainly office buildings, in New York City. It is Manhattan's largest office landlord, offering leasing, property management, development, and strategic investments. As of September 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, with 27.1 million square feet in Manhattan buildings.

SL Green Realty Corp.'s geographic footprint is concentrated in the New York metropolitan area, with its primary focus and a substantial portfolio of properties located in Manhattan. The company's headquarters are also located in New York City.

SL Green Realty Corp. has maintained a positive reputation in terms of sustainability and market presence. The company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating. It was also listed in USA TODAY's 2025 ranking of America's Climate Leaders for its efforts in cutting greenhouse gas emissions. SL Green ranked in the 95th percentile of its global peer set assessed by S&P CSA (DJSI) and was listed as a Sustainability Yearbook Member for the fourth consecutive year. However, the company has faced investor scrutiny following a period of mixed financial performance and persistent challenges in the New York City commercial real estate market.

Institutional investors and hedge funds hold a significant majority of SL Green Realty Corp. stock, owning approximately 89.96% to 92.83% of the shares. Major institutional owners include IJR - iShares Core S&P Small-Cap ETF, Vanguard Real Estate Index Fund Investor Shares (VGSIX), Wellington Management Group Llp, and Alyeska Investment Group. Other institutional investors like Envestnet Portfolio Solutions Inc., Summit Place Financial Advisors LLC, Intech Investment Management LLC, Cambridge Investment Research Advisors Inc., and KBC Group NV have recently increased their stakes.