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- **Leasing Momentum**: 1.3M sq ft leased YTD, 1M sq ft pipeline diversifies across 12+ industries.
- **Profit Boost**: $90M gain from 522 Fifth sale, $300M+ cash from asset sales to fuel new investments.
- **Strategic Growth**: Casino bid and SUMMIT expansion target $2B+ in new investments.
- **Financial Confidence**: FFO guidance up $0.40, 2026 NOI growth expected from 2024-2025 leasing.

**【CEO Summary Section】**
- Achieved 1.3 million square feet leased year-to-date, with a 1 million square feet pipeline for near-term execution.
- Generated $90 million profit from the 522 Fifth Avenue mortgage investment, sold at a 6.65% preferred equity rate.
- Filed a 13,000-page response for the Caesars Palace Times Square casino bid, targeting tax revenue and tourism growth.
- 80% of pipeline deals are under 25,000 square feet, with half from non-Park Avenue properties, indicating broad market demand.

**【CFO Financial Commentary】**
- Increased FFO guidance midpoint by $0.40 to $10.40-$10.80, driven by $0.69 incremental FFO from the 522 Fifth sale.
- Reserved $0.50 per share on the 625 Madison preferred equity sale, offsetting gains.
- Potential for $20 million+ debt extinguishment gains from 1552 Broadway and other assets.
- Interest expense slightly above expectations due to delayed asset sales.

**【Q&A Key Highlights】**
- Occupancy target of 93.2% by year-end remains unchanged, despite short-term dips from unexpected tenant roll-ups.
- Tech and AI demand growing in Midtown South, with 287,000 sq ft of new deals and pipeline.
- No impact on leasing from mayoral election uncertainty; tenants focused on office return.
- Expect 2026 NOI growth from 2024-2025 leasing, with 1 million sq ft pipeline set to materialize.
- SUMMIT Paris on track for Q1 2027 opening, expanding entertainment portfolio.

SL Green Realty Corp. (SLG) Q2 2025 Earnings Call Transcript

- **Debt Platform Dominance**: $200M+ in Q1 debt investments, with $1.2B pipeline signaling future FFO upside.
- **Asset Rejuvenation Success**: 500 Park Ave yield jumps to 7.2%, validating value-add strategy.
- **Leasing Resilience**: 1.1M sqft pipeline (25% TAMI) shows no macro slowdown, with 44% expansion deals.
- **SUMMIT Growth**: Record presales despite 2/3 international visitors, Paris expansion on track for 2027.
- **Development Certainty**: 1.5M-2M sqft new build commitment despite macro volatility.

**【CEO Opening Remarks】**
- Q1 2025 NOI exceeded expectations, driven by strong debt-related earnings and lease signings. Debt platform investments reached $200M in the past 9 months, with a pipeline of $1.2B.
- Acquired 500 Park Ave (100% leased) and 100 Park Ave (97% leased), with plans for $20M+ renovations to boost rents by $15/sqft.
- SUMMIT One Vanderbilt saw record presales ($0.5M in one day), with 2/3 of visitors international despite macro uncertainty.

**【CFO Financial Highlights】**
- FFO guidance range remains intact due to insulated balance sheet (hedged on 96%+ of floating rate debt). Debt-related businesses may drive upward revisions if pipeline closes.
- 500 Park Ave yield improved to 7.2% from 6.8% at acquisition, reflecting strong execution on value-add strategies.
- Disposition target of $1B remains on track, with $9B+ of past sales at 4.3% cap rate.

**【Key Q&A Themes】**
- **Leasing Pipeline Strength**: 1.1M sqft pipeline (25% TAMI tenants) shows no slowdown despite tariffs; 44% of deals involve expansions.
- **Debt Market Dynamics**: NYC CMBS issuance at $6.9B YTD vs $0 in 2023, with deals pricing higher but still active.
- **Development Outlook**: Committed to Midtown development despite macro noise; 1.5M-2M sqft of new Class A space planned.
- **SUMMIT Paris Expansion**: Expected opening Q1 2027, with unique Parisian design aesthetic and strong local demand.
- **Office-to-Resi Trend**: 25M+ sqft of NYC office space projected for conversion, tightening supply and driving Midtown South demand.

SL Green Realty (SLG)-17 Apr 25-2025 Q1 Earnings call transcript

- **Leasing Surge**: 3.6M sq ft leased in 2024, 92.5% occupancy, with 250K sq ft leased post-December. 900K sq ft pipeline remains robust.
- **Strategic Gains**: IBM expands 33% at One Madison; 500 Park Avenue acquired for $1.2B with 7%+ vacancy in trophy market.
- **Financial Beat**: Q4 FFO of $4.95 (excluding gains), up $0.09 vs. guidance, driven by fee income and debt investments.
- **2025 Outlook**: 93%+ occupancy, $20M+ in debt fund gains, and $1B+ deployment in 2025. Leasing CapEx to decline as occupancy nears 95%.
- **Tech Demand**: 7M sq ft of tech tenant searches in 2025, up from 3.7M in 2024, signaling broader market recovery.

**【CEO Opening Remarks】**
- **Leasing Performance**: 3.6M sq ft leased in 2024, 1.8M sq ft in Q4, with 92.5% occupancy. 250K sq ft leased post-December, pipeline remains at 900K sq ft.
- **Strategic Wins**: IBM expands by 33% at One Madison; Ares adds 10% at 245 Park. 500 Park Avenue acquired for $1.2B, with 7%+ vacancy in trophy buildings.
- **Market Dynamics**: 15M sq ft of office-to-residential conversions, 38M sq ft of trophy space with 6.7% availability. 38K new office jobs expected in NYC in 2025.
- **Hospitality Expansion**: Summit One Vanderbilt hits 6M visitors; Paris expansion announced with Kenzo Digital. Danielle Boulud's Litar at One Madison opens.

**【CFO Financial Highlights】**
- **Q4 Results**: FFO of $4.95 (excluding DPO gains), up $0.09 vs. guidance. Fee income, Summit performance, and debt investments drove beat.
- **Yearly Performance**: 3.6M sq ft leased, 92.5% occupancy. 2025 guidance: 93%+ occupancy, $20M+ in debt fund gains.
- **Capital Allocation**: $1B+ debt fund to deploy in 2025. Leasing CapEx of $88M in 2024, expected to decline as occupancy nears 95%.

**【Q&A Key Takeaways】**
- **Leasing Pipeline**: 900K sq ft pipeline, 60% new tenants, spread across financial services, law, tech. 7M sq ft of tech tenant searches in 2025 vs. 3.7M in 2024.
- **Financial Occupancy**: Trails leased occupancy due to build-out delays, but expected to rise in 2025 as leases commence.
- **Debt Fund Activity**: $1B+ to deploy in 2025, with $20M+ in gains. Focus on debt and preferred equity investments.
- **Development Plans**: Seeking Midtown development sites for 2026+ delivery. 10-year returns on core assets expected in low teens.
- **Market Sentiment**: Lenders active in CMBS, with 1.1% spreads on AAA deals. 2025 seen as pivotal year for tightening supply and rising demand.

SL Green Realty (SLG)-23 Jan 25-2024 Q4 Earnings call transcript

SL Green Realty (SLG)-17 Oct 24-2024 Q3 Earnings call transcript

SL Green Realty (SLG)-18 Jul 24-2024 Q2 Earnings call transcript

SL Green Realty (SLG)-18 Apr 24-2024 Q1 Earnings call transcript

SL Green Realty (SLG)-25 Jan 24-2023 Q4 Earnings call transcript

SL Green Realty (SLG)-19 Oct 23-2023 Q3 Earnings call transcript

SL Green Realty (SLG)-20 Jul 23-2023 Q2 Earnings call transcript

SL Green Realty (SLG)-20 Apr 23-2023 Q1 Earnings call transcript

SL Green Realty (SLG)-26 Jan 23-2022 Q4 Earnings call transcript

SL Green Realty (SLG)-23 Apr 21-2021 Q1 Earnings call transcript

SL Green Realty (SLG)-29 Jan 21-2020 Q4 Earnings call transcript

SL Green Realty (SLG)-23 Jul 20-2020 Q2 Earnings call transcript

SL Green Realty (SLG)-23 Apr 20-2020 Q1 Earnings call transcript

SL Green Realty (SLG)-23 Jan 20-2019 Q4 Earnings call transcript

SL Green Realty (SLG)-17 Oct 19-2019 Q3 Earnings call transcript

SL Green Realty (SLG)-18 Jul 19-2019 Q2 Earnings call transcript

SL Green Realty (SLG)-18 Apr 19-2019 Q1 Earnings call transcript

SL Green Realty (SLG)-24 Jan 19-2018 Q4 Earnings call transcript

SL Green Realty (SLG)-18 Oct 18-2018 Q3 Earnings call transcript

SL Green Realty (SLG)-19 Jul 18-2018 Q2 Earnings call transcript

SL Green Realty (SLG)-19 Apr 18-2018 Q1 Earnings call transcript

SL Green Realty (SLG)-25 Jan 18-2017 Q4 Earnings call transcript

SL Green Realty (SLG)-19 Oct 17-2017 Q3 Earnings call transcript

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