SL Green Realty Corp. Reports 8.5% Revenue Growth but Faces Net Loss in Q2 2025

SL Green Realty Corp. reported its financial results for the second quarter of 2025, revealing a total revenue of $241.9 million, a 8.5% increase from $222.8 million in the same period last year. The growth was primarily driven by a rise in rental revenue, which reached $165.2 million, up from $150.6 million in the prior year, attributed to the consolidation of 100 Park Avenue and the acquisition of 500 Park Avenue. However, the company experienced a net loss of $6.8 million for the quarter, compared to a net income of $2.0 million in Q2 2024, reflecting challenges in its operational performance.

In terms of operational metrics, SL Green's total assets increased to $11.25 billion as of June 30, 2025, compared to $10.47 billion at the end of 2024. The company’s liabilities also rose, totaling $6.89 billion, up from $5.92 billion. The increase in liabilities was largely due to higher mortgages and loans payable, which reached $2.04 billion, compared to $1.94 billion at the end of the previous year. The company’s equity decreased to $3.88 billion from $4.07 billion, influenced by the net loss and distributions to noncontrolling interests.

Strategically, SL Green has been active in expanding its portfolio, acquiring 500 Park Avenue for $127 million in January 2025 and consolidating its interest in 100 Park Avenue. The company also reported a significant increase in its investment income, which rose to $6.3 million from $6.2 million, driven by interest payments from real estate loans held by consolidated securitization vehicles. However, the company faced challenges with its SUMMIT Operator revenue, which declined to $31 million from $32.6 million due to maintenance activities affecting ticket sales.

Looking ahead, SL Green anticipates continued growth in rental revenue and operational performance, supported by its strategic acquisitions and ongoing management of its properties. The company expects to incur approximately $67.1 million in leasing capital expenditures and $26 million in recurring capital expenditures for the remainder of 2025. Additionally, SL Green maintains a robust liquidity position of $1.1 billion, which includes $882.5 million available under its revolving credit facility, positioning it well to meet its financial obligations and capitalize on future investment opportunities.