SL Green Realty Corp. Reports Quarterly Results and Discloses Financial Performance Metrics

Strategic Insights -

SL Green Realty Corp., a leading office REIT, has announced its quarterly results for the period ended September 30, 2025. As part of its earnings release, the company has made available supplemental information detailing its financial performance metrics, including Funds from Operations (FFO), Funds Available for Distribution (FAD), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre), Net Operating Income (NOI), and Cash NOI. These non-GAAP measures are widely used in the real estate industry to evaluate the performance of REITs.

Key Takeaways:

  • SL Green Realty Corp. reported FFO of $173.2 million for the quarter, an increase of 4.5% compared to the same period in the previous year.
  • FAD, a measure of cash available for distribution, stood at $144.1 million, a 3.8% increase from the same quarter last year.
  • EBITDAre, a measure of real estate earnings, was $243.8 million, a 5.2% increase from the same quarter in 2024.
  • NOI, a measure of property-level earnings, was $334.1 million, a 4.1% increase from the same quarter last year.
  • Cash NOI, a measure of cash earnings from property operations, was $274.1 million, a 3.9% increase from the same quarter in 2024.
  • The company reported a fixed charge coverage ratio of 2.51 and a debt service coverage ratio of 2.35, both of which are above the industry average.
  • SL Green Realty Corp. uses these non-GAAP measures to evaluate its performance and provide investors with a comprehensive view of its financial situation.

Statistics:

  • FFO: $173.2 million (up 4.5% from 2024)
  • FAD: $144.1 million (up 3.8% from 2024)
  • EBITDAre: $243.8 million (up 5.2% from 2024)
  • NOI: $334.1 million (up 4.1% from 2024)
  • Cash NOI: $274.1 million (up 3.9% from 2024)
  • Fixed charge coverage ratio: 2.51
  • Debt service coverage ratio: 2.35

Sources:

  • SL Green Realty Corp., Form 8-K, UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)
  • SL Green Realty Corp., Press Release regarding results for the quarter ended September 30, 2025.
  • National Association of Real Estate Investment Trusts (NAREIT) White Paper on FFO and EBITDAre.