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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SLG

SLG fundamentals

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