Overview

* Manhattan office REIT SL Green Realty Q2 net loss widens to $0.16 per share

* FFO for Q2 2025 declines to $1.63 per share

* Company increases 2025 FFO guidance, reflecting income from debt portfolio

Outlook

* SL Green increases 2025 FFO guidance to $5.65-$5.95 per share

* Company maintains 2025 net income guidance at $1.27-$1.57 per share

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

* Company sees incremental income from debt and preferred equity portfolio

Result Drivers

* FFO DECLINE - SL Green attributes decline in FFO to negative non-cash fair value adjustments and lower gains from discounted debt extinguishments

* LEASING ACTIVITY - Signed 46 Manhattan office leases totaling 541,721 square feet, with a 2.4% increase in mark-to-market rents for Q2 2025

* OCCUPANCY EXPECTATIONS - Manhattan same-store office occupancy was 91.4% as of June 30, 2025

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS -$0.16

Q2 Net -$11.10

Income mln

Q2 FFO -$1.20

mln

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 12 "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 $61.00, about 2.2% below its July 15 closing price of $62.34

Press Release:

(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.)