Manhattan office REIT SL Green's Q3 profit beats expectations

Sl Green Realty

15/10/2025 21:49

Overview

SL Green Realty Q3 net income of $0.34 per share, beating analyst expectations

Funds from operations for Q3 rise to $1.58 per share from $1.13 in 2024

Company entered contract to purchase Park Avenue Tower for $730 mln

Outlook

SL Green expects Manhattan office occupancy to reach 93.2% by year-end 2025

Result Drivers

LEASING ACTIVITY - Signed 52 Manhattan office leases totaling 657,942 sq ft, contributing to increased occupancy

INVESTMENT STRATEGY - Entered contract to purchase Park Avenue Tower for $730 mln, expected to close Q1 2026

SAME-STORE NOI DECLINE - Same-store cash NOI decreased by 4.2% in Q3, partly due to lower percentage rent from One Vanderbilt

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
Beat
$0.34
-$0.21 (6 Analysts)
Q3 Net Income
Beat
$24.90 mln
-$8.73 mln (9 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for SL Green Realty Corp is $63.50, about 11.8% above its October 14 closing price of $56.03

Press Release: ID:nGNXbz2dpK

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)