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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | Beat | $0.34 | -$0.21 (6 Analysts) |
Q3 Net Income | Beat | $24.90 mln | -$8.73 mln (9 Analysts) |
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.)