Overview

• SL Green Realty Q3 net income of $0.34 per share, beating analyst expectations

• Funds from operations for Q3 rise to $1.58 per share from $1.13 in 2024

• Company entered contract to purchase Park Avenue Tower for $730 mln

Outlook

• SL Green expects Manhattan office occupancy to reach 93.2% by year-end 2025

Result Drivers

• LEASING ACTIVITY - Signed 52 Manhattan office leases totaling 657,942 sq ft, contributing to increased occupancy

• INVESTMENT STRATEGY - Entered contract to purchase Park Avenue Tower for $730 mln, expected to close Q1 2026

• SAME-STORE NOI DECLINE - Same-store cash NOI decreased by 4.2% in Q3, partly due to lower percentage rent from One Vanderbilt

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for SL Green Realty Corp is $63.50, about 11.8% above its October 14 closing price of $56.03

Press Release: ID:nGNXbz2dpK

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)