SL Green Realty Corp. (NYSE:SLG) is a prominent real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of commercial properties in New York City. The company is a key player in the Manhattan office market, competing with other major REITs like Vornado Realty Trust and Boston Properties.
On October 15, 2025, SLG reported earnings per share (EPS) of $0.34, which was below the estimated $1.34. Despite this, the EPS marked a significant improvement from a net loss of $0.21 per share in the same period of 2024. The company's revenue was approximately $149.7 million, falling short of the estimated $174.6 million.
SLG's funds from operations (FFO) reached $1.58 per share, up from $1.13 per share in the third quarter of 2024. This increase occurred despite incurring transaction costs of $13.1 million, or $0.17 per share, primarily due to the pursuit of a gaming license. FFO is a key metric for REITs, reflecting cash generated from operations.
In leasing activity, SLG signed 52 office leases in Manhattan, covering 657,942 square feet during the third quarter of 2025. For the first nine months, the company signed 143 leases totaling 1,801,768 square feet. However, the mark-to-market on these leases was 2.7% lower for the third quarter and 1.1% lower for the first nine months compared to previous rents.
The price-to-sales ratio is about 4.24, and the enterprise value to sales ratio is around 12.06. The debt-to-equity ratio is about 1.92, showing a high level of debt, while the current ratio of 1.96 suggests good liquidity.
