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NEW YORK - SL Green Realty Corp. (NYSE:SLG) reported a narrower-than-expected second quarter loss on Wednesday, as the Manhattan office landlord benefited from significant income from its debt and preferred equity portfolio. The company’s stock rose 1.3% following the earnings announcement.
The real estate investment trust posted a net loss attributable to common stockholders of $0.16 per share for the second quarter, better than analysts’ expectations of a $0.21 per share loss. However, this represented a wider loss compared to the $0.04 per share loss reported in the same period last year. Revenue came in at $147.54 million, below the consensus estimate of $157.96 million.
Funds from operations (FFO), a key metric for REITs, reached $1.63 per share for the quarter, which included $0.61 per share of income related to the repayment of a commercial mortgage investment at 522 Fifth Avenue. This was offset by $0.19 per share of investment reserves and $0.02 per share of negative non-cash fair value adjustments. In the same quarter last year, the company reported FFO of $2.05 per share.
Based on the strong performance of its debt portfolio, SL Green raised its 2025 FFO guidance to a range of $5.65 to $5.95 per share, an increase of $0.40 per share at the midpoint. The company maintained its 2025 net income guidance range of $1.27 to $1.57 per share.
The company signed 46 Manhattan office leases totaling 541,721 square feet during the quarter, with an average rent of $90.03 per square foot. The mark-to-market on signed Manhattan office leases was 2.4% higher than previous fully escalated rents on the same spaces.
Same-store cash net operating income decreased by 1.0% for the second quarter compared to the same period in 2024, excluding lease termination income. Manhattan same-store office occupancy was 91.4% as of June 30, 2025, and the company expects to increase this to 93.2% by the end of the year.
During the quarter, SL Green’s commercial mortgage investment in 522 Fifth Avenue, which had a carrying value of $125.0 million, was repaid for $200.0 million, generating net proceeds of $196.6 million.
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