SL Green Realty Corp. Reports First Quarter 2025 EPS of ($0.30) Per Share; and FFO of $1.40 Per Share

Financial Performance - The company reported a net loss attributable to common stockholders of $21.1 million, or$0.30 per share, for Q1 2025, compared to a net income of $13.1 million, or$0.20 per share, in Q1 2024 [3][5] - Funds from operations (FFO) for Q1 2025 were $106.5 million, or$1.40 per share, which included $25.0 million related to a commercial mortgage investment resolution and$3.1 million of negative non-cash fair value adjustments [4][5] - Same-store cash net operating income (NOI) increased by 2.4% for Q1 2025, excluding lease termination income, compared to the same period in 2024 [7][8] Leasing Activity - The company signed 45 office leases in Manhattan totaling 602,105 square feet in Q1 2025, with an average rent of $83.75 per rentable square foot and an average lease term of 9.8 years [8][9] - The mark-to-market on signed Manhattan office leases was 3.1$47.0 million, generating net proceeds of $3.2 million [10][12] - The acquisition of 500 Park Avenue for$130.0 million was financed with an $80.0 million mortgage, which was swapped to a fixed rate of 6.57$14.9 million and closed on the sale of six Giorgio Armani Residences at 760 Madison Avenue, generating net proceeds of $93.3 million [12] Debt and Preferred Equity - The carrying value of the company's debt and preferred equity portfolio was$537.6 million as of March 31, 2025, with a weighted average current yield of 7.5% [13][14] - The company invested $28.3 million in real estate debt and commercial mortgage-backed securities during Q1 2025 [14] ESG Highlights - The company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating [16] - It ranked in the 95th percentile of a global peer set assessed by S&P CSA (DJSI) and was listed as a Sustainability Yearbook Member for the fourth consecutive year [17]