SL Green Realty Corp
NYSE:SLG

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SL Green Realty Corp Logo
SL Green Realty Corp
NYSE:SLG
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Price: 44.69 USD -0.13%
Market Cap: 3.2B USD

SL Green Realty Corp
Investor Relations

Nestled within the vibrant tapestry of Manhattan's real estate, SL Green Realty Corp. stands as a pivotal player, orchestrating the pulse of New York City's business district. Established in 1997 by Stephen L. Green, the company has risen to prominence as the largest office landlord in Manhattan, weaving its influence into the very fabric of the city's economic landscape. Specializing in acquiring, managing, and leasing commercial properties, SL Green's portfolio is a testament to its strategic prowess, encompassing iconic skyscrapers and prestigious office spaces that serve as the heart of major corporate operations. This prowess is not simply about owning real estate; it's about crafting environments where enterprises thrive, an endeavor supported by SL Green's keen ability to adapt to market dynamics and anticipate the evolving needs of businesses.

SL Green's revenue model hinges on its adept management of these prime properties, generating income through long-term leases with a diverse tenant base that includes prestigious financial institutions, law firms, and technology companies. By maintaining high occupancy rates and negotiating favorable lease terms, the company ensures a steady cash flow foundation. Additionally, SL Green deepens its financial footing through strategic acquisitions, divestitures, and development projects that capitalize on emerging trends and locations within the market. Their capability to pivot and innovate within the ever-changing real estate landscape not only safeguards current investments but also positions SL Green as a resilient and forward-thinking leader in the metropolitan commercial real estate arena.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 16, 2025
AI Summary
Q3 2025

Leasing Momentum: SL Green signed over 1.9 million square feet of leases year-to-date and expects to surpass 2 million by year-end, with strong occupancy gains above 92% and a goal of 93.2% by year-end.

Park Avenue Tower Acquisition: Announced the $730 million purchase of Park Avenue Tower at a 6.2% cap rate, with current occupancy at 95% and significant upside expected from below-market rents.

Rising Rents & Tight Supply: Management highlighted accelerating demand and rent growth across Midtown, with rents rising 10%-20% year-to-date in some buildings and expectations for 20-25% rent growth over the next 4-5 years.

Concessions Tightening: Tenant concessions are declining, with tenant improvement allowances and free rent periods decreasing in the top third of the market.

Development Pipeline: New development at 346 Madison is on track, targeting boutique financial tenants at over $200 per square foot, with delivery expected in 2030.

Debt & Financing Activity: Closed a $1.4 billion refinancing at 11 Madison at 5.6% and opportunistic debt fund closings now stand at $1 billion, with significant deployment expected by year-end.

Casino License Setback: SL Green did not advance in the casino licensing process for 1515 Broadway, but sees ongoing potential for office, entertainment, or hotel use.

Guidance & Portfolio Strength: Same-store cash NOI guidance was reaffirmed, with strong leasing activity expected to drive further growth and near-full occupancy across the portfolio.

Key Financials
Leasing Volume (YTD)
1.9 million square feet
Occupancy
Above 92%
Park Avenue Tower Purchase Price
$730 million
Park Avenue Tower Cap Rate
6.2%
Park Avenue Tower Occupancy
95%
Park Avenue Tower In-Place Rents
$125 per square foot
11 Madison Refinancing
$1.4 billion at 5.6%
Opportunistic Debt Fund Closings
$1 billion
Opportunistic Debt Fund Deployments
$220 million
Same-Store Cash NOI
Down 1.6% year-to-date
Earnings Call Recording
Other Earnings Calls

Management

Mr. Matthew J. DiLiberto
Chief Financial Officer
No Bio Available
Mr. Andrew S. Levine J.D.
Chief Legal Officer, Executive VP, General Counsel & Secretary
No Bio Available
Mr. Edward V. Piccinich
Chief Operating Officer
No Bio Available
Mr. Harrison Sitomer
Chief Investment Officer
No Bio Available
Ms. Maggie Hui
Chief Accounting Officer
No Bio Available
Mr. Steven M. Durels
Executive VP & Director of Leasing & Real Property
No Bio Available
Mr. Neil H. Kessner
Executive VP & General Counsel of Real Property
No Bio Available
Mr. Richard Currenti
Senior VP & Director of Engineering
No Bio Available
Mr. Robert Schiffer
Executive Vice President of Development
No Bio Available
Mr. Brett Herschenfeld
Executive Vice President of Retail & Opportunistic
No Bio Available

Contacts

Address
NEW YORK
New York City
One Vanderbilt Avenue
Contacts
+12125942700.0
slgreen.com