Overview

* SL Green Realty ( SLG/PI ) 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/Mis Actual Consensu

s s

Estimate

Q3 EPS Beat $0.34 -$0.21

(6

Analysts

)

Q3 Net Beat $24.90 -$8.73

Income mln 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 ( SLG/PI ) is $63.50, about 11.8% above its October 14 closing price of $56.03

Press Release:

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(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.)