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SL Green Realty
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Latest analysis
Updated Nov 5, 2026
SL Green Q3 2026: 94.7% Manhattan office occupancy and $92M asset-sale gain mask same-store rental revenue decline and rising variable-rate debt exposure.
SL Green's Manhattan office portfolio reached 94.7% leased occupancy as of September 30, 2026, with consolidated total revenues of $273.0 million for Q3 2026 versus $244.8 million in Q3 2025, driven entirely by acquisition and consolidation activity — most notably the Park Avenue Tower acquisition in Q1 2026 — while same-store rental revenue fell. The $92.3 million gain on the sale of 10 East 53rd Street and a $30.4 million unconsolidated JV carrying-value reduction inflated net income to $89.7 million for the quarter, obscuring underlying same-store operating deterioration. Variable-rate debt exposure tripled from 9.1% to 22.5% of total debt since year-end 2025, with $857 million in property mortgages maturing in 2027 and $2.35 billion in joint venture debt also due that year — the most acute near-term refinancing concentration in the company's disclosed maturity schedule.
Tone: mixedRevenue
$1B
SLG 10-K · FY 2025
Employees
1,289
Revenue FY2024
$886.3M
Founded
1997
Profile
SLG 10-K Item 1 · Feb 17, 2026SL Green Realty Corp. is a self-managed REIT and Manhattan's largest owner of office real estate, primarily engaged in owning, managing, acquiring, developing, and financing commercial properties concentrated in midtown Manhattan. The company operates three reportable segments: real estate, debt and preferred equity investments, and SUMMIT (an observation deck experience at One Vanderbilt Avenue). As of December 31, 2025, SL Green held interests in 44 properties totaling approximately 26.2 million square feet in its core portfolio.
Read filing description ↓ Collapse description ↑
SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, primarily engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally in Manhattan, a borough of New York City. We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity. SL Green, Manhattan's largest owner of office real estate, is focused primarily on the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of Manhattan commercial properties, principally office properties. Our primary business objective is to maximize the total return to stockholders. The commercial real estate expertise resulting from owning, operating, investing, developing, redeveloping and lending on real estate in Manhattan for many decades has enabled us to invest in premier office properties, selected retail and residential assets, and high-quality debt and preferred equity investments. We are led by a strong, experienced management team that provides a foundation of skills in all aspects of real estate. The Company has three reportable segments: real estate, debt and preferred equity investments, and SUMMIT. SUMMIT One Vanderbilt is an observation deck that offers panoramic views of New York while immersing its visitors in an art experience, welcoming approximately 2.2 million visitors in 2025. The Company also manages one office building and one retail building owned by third parties encompassing approximately 0.4 million square feet.
Primary products
- Manhattan office properties
- Suburban office properties
- Retail properties
- Residential properties
- Development/Redevelopment properties
- Debt and preferred equity investments
Business segments
End markets
Geographies
Named customers
As of December 31, 2025, one tenant in our office portfolio, Paramount Global, contributed 5.3% of our share of annualized cash rent. No other tenant contributed more than 5.0% of our share of annualized cash rent. No property contributed in excess of 10.0% of our consolidated total revenue for 2025.
“SL Green, Manhattan's largest owner of office real estate, is focused primarily on the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of Manhattan commercial properties, principally office properties.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased to approximately $1.003 billion in 2025 from approximately $886 million in 2024, driven primarily by higher rental revenue and interest income from real estate loans held by consolidated securitization vehicles.
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