SL Green Realty Corp. (SLG): Business Model Canvas [Dec-2025 Updated]

You're looking to really dissect how SL Green Realty Corp. (SLG) makes its money in this tricky NYC real estate market, right? Honestly, after two decades analyzing these giants, I can tell you their model is a tight play: owning Manhattan's best Class A office space-like One Vanderbilt-while actively managing capital through dispositions and debt plays, sitting on over $2 billion in liquidity as of late 2025. It's all about capturing that 'flight-to-quality' trend from top tenants, but the devil is in the details of their costs and revenue mix, defintely. Dive into the full Business Model Canvas below to see exactly how they structure their 8.9-year average lease stability against that high interest expense.

SL Green Realty Corp. (SLG) - Canvas Business Model: Key Partnerships

You're looking at the network of firms SL Green Realty Corp. relies on to execute its Manhattan-focused strategy, especially in development, financing, and leasing. These aren't just vendors; they are co-owners, capital providers, and deal-makers essential to the portfolio.

Joint Venture Equity Partners

SL Green Realty Corp. actively partners with institutional capital for major assets and uses joint ventures to manage debt and preferred equity (DPE) investments. For instance, in late 2025, the company consolidated full ownership in one asset while continuing to share stakes in others.

As of December 5, 2025, SL Green Realty Corp. closed on the acquisition of its joint venture partners' combined 39.48% interest in 800 Third Avenue for total cash consideration of $5.1 million, bringing its ownership stake to 100%. This followed a pattern of strategic consolidation, as the company had previously exercised its purchase option to acquire its partner's 49.9% interest in 100 Park Avenue for $14.9 million in April 2025. Also, in Q3 2025, an affiliate of SL Green Realty Corp. and a joint venture partner extinguished debt on 1552-1560 Broadway, which had a total debt claim of $219.5 million, for a purchase price of $63.0 million.

The partnership with Mori Building Co., Ltd. for One Vanderbilt Avenue remains significant. On October 15, 2025, Mori Building acquired an additional 5.0% interest, following an 11.0% acquisition in November 2024. Both investments were completed at a gross valuation of $4.7 billion for the 1.7 million-square-foot skyscraper, leaving SL Green Realty Corp. with a 55.0% stake and Mori Building with a total 16.0% interest.

For the One Madison Avenue redevelopment, the key partners were Hines and the National Pension Service of Korea. The $2.3 billion redevelopment completion triggered a final equity payment of $577.4 million to SL Green Realty Corp. from these joint venture partners.

Here's a look at some specific partnership stakes and related transactions:

Asset/Investment	Partner Type/Name Mentioned	Economic Interest (Approximate)	Relevant Financial Data
One Vanderbilt Avenue	Mori Building Co., Ltd.	16.0% (Mori) / 55.0% (SLG post-Oct 2025)	Gross Valuation: $4.7 billion
800 Third Avenue	Former Joint Venture Partner(s)	0% (SLG post-Dec 2025)	Acquisition cost for 39.48% stake: $5.1 million
100 Park Avenue	Former Joint Venture Partner	100% (SLG post-April 2025)	Acquisition cost for 49.9% stake: $14.9 million
245 Park Avenue	Korean Institutional Investor / Israeli Institutional Investor	25.10% (Institutional Investor)	N/A
625 Madison Avenue (Preferred Equity)	U.S. Affiliate of Mori Trust Co., Ltd.	50.10% (Mori Trust Affiliate)	Carrying Value of SLG's share as of Q1 2025: $209.7 million

Major Commercial Lenders

Securing debt is crucial, and SL Green Realty Corp. works with major financial institutions for both property-specific financing and balance sheet management. For example, the initial construction financing for One Madison Avenue involved a syndicate of large banks.

The $1.25 billion construction loan for One Madison Avenue, closed in 2020, was led by Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank, and Axos Bank. More recently, in Q3 2025, SL Green Realty Corp. and its joint venture partner completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue, which carries a stated coupon of 5.625%.

Debt management also involves modifications on existing loans. For 100 Church Street, a modification extended the final maturity to June 2028 after a principal paydown of $5.0 million, leaving a balance of $365.0 million.

Top-Tier Brokerage Firms for Leasing Execution

Leasing activity in 2025, totaling 2.3 million square feet leased year-to-date, involved representation from several top brokerage houses. You see these names frequently in the execution of deals across the portfolio.

Notable brokerage involvement in Q4 2025 leasing announcements included:

• Jones Lang LaSalle (JLL): Represented both landlord and tenant in a 92,663 sq ft expansion at One Madison Avenue.
• Cushman & Wakefield: Represented a tenant in a 37,224 sq ft expansion at 245 Park Avenue.
• Newmark: Represented the landlord in a 49,865 sq ft renewal/expansion at 280 Park Avenue.
• Savills: Represented a tenant in a 26,977 sq ft renewal at 800 Third Avenue.

Construction and Development Firms

Development partners are critical for SL Green Realty Corp.'s value-add strategy, as seen with the completion of major projects. Hines is a key development partner, specifically mentioned in connection with the One Madison Avenue project.

The $2.3 billion redevelopment of One Madison Avenue, completed in September 2023, was executed by the joint venture of SL Green Realty Corp., Hines, and the National Pension Service of Korea. This project was delivered three months ahead of schedule.

Institutional Investors for Debt and Preferred Equity (DPE) Deals

SL Green Realty Corp. actively partners with institutional capital through its DPE platform, notably the SLG Opportunistic Debt Fund. As of July 2025, this fund secured $500 million in new commitments, surpassing its initial target of over $1 billion.

The capital base for this fund is diverse, sourced from:

• Public pension funds.
• Insurance companies.
• High-net-worth platforms.

As of September 30, 2025, the carrying value of SL Green Realty Corp.'s DPE portfolio (excluding the Debt Fund) was $289.7 million. This portfolio carried a weighted average current yield of 8.8%, or 11.2% when excluding $63.0 million of investments on non-accrual. In July 2025, SL Green Realty Corp. sold 50.0% of its preferred equity investment in 625 Madison Avenue for $104.9 million, which was 93.6% of its carrying value of $112.1 million as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

SL Green Realty Corp. (SLG) - Canvas Business Model: Key Activities

You're looking at the core engine of SL Green Realty Corp., which is all about executing deals and managing a massive Manhattan footprint. This isn't just about collecting rent; it's about active capital deployment and debt management in a tricky market. Here are the hard numbers defining their key activities as of late 2025.

Leasing and Managing the Portfolio Footprint

SL Green Realty Corp. is focused on its core competency: managing its vast Manhattan office holdings. As of September 30, 2025, the company held interests in 53 buildings totaling 30.7 million square feet. This total breaks down into significant ownership interests directly in Manhattan and interests securing debt investments.

Metric	Value (as of September 30, 2025)
Total Buildings Held Interests In	53
Total Square Feet Held Interests In	30.7 million square feet
Ownership Interests in Manhattan Buildings (SF)	27.1 million square feet
Square Feet Securing Debt/Preferred Equity Investments	2.7 million square feet

Leasing velocity in 2025 has been a major focus to drive occupancy toward year-end goals. For the first nine months of 2025, SL Green Realty Corp. signed 143 office leases in its Manhattan portfolio, totaling 1,801,768 square feet. The average rent on these signed leases was $88.91 per rentable square foot, with an average lease term of 8.9 years. The Manhattan same-store office occupancy was 92.4% as of September 30, 2025, on track for the year-end target of 93.2%.

Strategic Capital Recycling via Asset Acquisitions and Dispositions

The firm actively recycles capital through buying and selling assets and investments. This is how they manage the balance sheet and generate transactional income. You have to watch these exits closely; they often signal where management sees near-term value realization.

• Sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million in Q2 2025.
• Sale of 50.0% of the preferred equity investment in 625 Madison Avenue for $104.9 million in Q2 2025.
• Acquisition of the partner's 49.9% interest in 100 Park Avenue for total cash consideration of $14.9 million in Q2 2025.
• Recorded a net gain on discounted debt extinguishment of $57.2 million in Q3 2025 related to the payoff of debt on 1552-1560 Broadway.
• Acquired debt encumbering 1552-1560 Broadway for $63.0 million against a total debt claim of $219.5 million.

Development and Repositioning Projects

Development is a long-term play, but securing the right sites is a key activity now. SL Green Realty Corp. entered into a contract in August 2025 to purchase 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, positioning the company for a ground-up new office development.

Active Special Servicing and Asset Management

The special servicing business acts as a counter-cyclical hedge, generating higher fees when the market is stressed. As of the second quarter of 2025, the active assignments in this business totaled $6.1 billion, which was an increase of $1.3 billion in active assignments during that quarter alone. Additionally, the company is designated as special servicer for an extra $10.5 billion in assets that are not currently in active special servicing.

Executing Debt Refinancings to Extend Maturity Profiles

Extending debt maturities is critical for liquidity management, especially for a company with significant joint venture leverage. SL Green Realty Corp. completed a major refinancing in Q3 2025.

• Completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue.
• The new mortgage carries a stated coupon of 5.625%, hedged to an effective rate of 5.592% for SL Green's portion.
• Closed on a modification and extension of the mortgage on 100 Church Street, including a principal paydown by $5.0 million to a new balance of $365.0 million.

Finance: draft 13-week cash view by Friday.

SL Green Realty Corp. (SLG) - Canvas Business Model: Key Resources

You're looking at the core assets that power SL Green Realty Corp.'s operations in the New York City office market. These aren't just square feet; they are the premium, irreplaceable assets that anchor the firm's value proposition.

Physical and Financial Assets

The foundation of SL Green Realty Corp.'s business model rests on its ownership of premier Manhattan office space and its significant capital reserves. As of September 30, 2025, SL Green Realty Corp. held interests in 53 buildings totaling 30.7 million square feet across its portfolio. Of that total, 27.1 million square feet were Manhattan buildings. The overall portfolio occupancy was reported at 92.5% in late 2025, signaling strong tenant demand for their product.

The firm's flagship developments are key differentiators. For instance, One Vanderbilt Avenue, a trophy Midtown Manhattan office tower, was reported to have a gross valuation of $4.7 billion following recent transactions, and it is now fully leased. Similarly, One Madison Avenue, which opened to positive reviews, had achieved occupancy of more than 73% as of the first quarter of 2025. The refinancing of 11 Madison Avenue in September 2025 for $1.4 billion further underscores the quality and marketability of these core assets.

Beyond owned real estate, SL Green Realty Corp. maintains substantial financial resources. The company reported combined corporate liquidity and fund availability exceeding $2 billion as of mid-2025. This capital strength supports both investment activity and balance sheet management. Furthermore, the real estate debt and preferred equity platform is a significant asset, with a weighted average current yield of 8.8% reported as of September 30, 2025, on a portfolio carrying value of $289.7 million (excluding the SLG Opportunistic Debt Fund). This platform is actively managed, with the company having closed on the SLG NYC Opportunistic Debt Fund, which raised over $1 billion.

You can see the scale of their leasing activity, which speaks directly to their tenant relationships, in the table below:

Metric	Value/Date	Source Context
Manhattan Office Leases Signed (9M 2025)	1,801,768 square feet	Total for the first nine months of 2025.
Manhattan Office Leases Signed (Q3 2025)	657,942 square feet	Signed in the third quarter of 2025.
Portfolio Occupancy (Late 2025)	92% to 92.5%	Reported occupancy levels.
One Vanderbilt Gross Valuation	$4.7 billion	Valuation basis for recent stake sales.

Relationship Capital

The ability to secure top-tier tenants and execute complex transactions points to deep, long-standing relationships with major New York City tenants and capital partners. This is evidenced by the leasing success, such as signing 46 Manhattan office leases totaling 541,721 square feet in the second quarter of 2025 alone, and the successful execution of major capital events like the $1.4 billion refinancing at 11 Madison Avenue. These transactions require trust and proven execution capability with both tenants and lenders.

• In-house capabilities cover property management, acquisitions, dispositions, debt investing, financing, development, and leasing.
• The firm's special servicing business grew to $6.1 billion in active assignments as of mid-2025.
• Flagship properties like One Vanderbilt and One Madison Avenue have achieved top-tier environmental certifications, including LEED Platinum and Gold.

SL Green Realty Corp. (SLG) - Canvas Business Model: Value Propositions

You're looking at the core reasons tenants choose SL Green Realty Corp. properties in the current Manhattan market. It's all about offering the best space where demand is strongest.

Premier, amenity-rich Class A office space driving the Manhattan flight-to-quality trend.

• As of September 30, 2025, SL Green Realty Corp. held interests in 53 buildings totaling 30.7 million square feet.
• Ownership interests included 27.1 million square feet of Manhattan buildings.
• The company is on track to meet its 2025 Manhattan same-store office occupancy target of 93.2% by December 31, 2025, inclusive of leases signed but not yet commenced.

Strategic locations near major transit hubs (e.g., Grand Central Terminal access).

SL Green Realty Corp. emphasizes strength in key corridors, noting that rents are rising as supply tightens, with particular strength in the Park Avenue and Sixth Avenue corridors.

Flexible leasing structures with significant tenant concessions (e.g., average $91.89/sq ft TI allowance in 2025).

The leasing terms signed year-to-date through September 30, 2025, show the level of support offered to secure tenants in the current environment. Here's a quick look at the average metrics for the 1,801,768 square feet leased across 143 Manhattan office leases in 2025.

Metric	Value (YTD 2025)
Average Rent per Square Foot	$88.91
Average Tenant Improvement (TI) Allowance per Square Foot	$91.89/sq ft
Average Tenant Concessions	8.5 months of free rent

Full-service, integrated property management and development expertise.

• SL Green Realty Corp. is a fully integrated real estate investment trust, or REIT.
• The company has in-house capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing.

Long-term lease stability with average 2025 lease terms of 8.9 years.

The average lease term for Manhattan office leases signed year-to-date through September 30, 2025, was 8.9 years. This stability is reinforced by significant multi-year commitments from major tenants, such as a 9-year renewal/expansion with Wells Fargo at 280 Park Avenue and 10-year new leases signed with tenants like Moroccanoil.

SL Green Realty Corp. (SLG) - Canvas Business Model: Customer Relationships

Dedicated asset management teams for institutional tenant retention and expansion.

• Manhattan same-store office occupancy target for 2025: 93.2%.
• Manhattan same-store office occupancy as of September 30, 2025 (inclusive of signed but not commenced): 92.4%.
• Manhattan same-store office occupancy as of June 30, 2025 (inclusive of signed but not commenced): 91.4%.

Direct, high-touch engagement for negotiating long-term, large-block leases.

Leasing Metric	Q1 2025 (45 Leases)	Q2 2025 (46 Leases)	Q3 2025 (52 Leases)	YTD 2025 (Total)
Square Feet Signed	602,105 sq ft	541,721 sq ft	657,942 sq ft	2.3 million sq ft
Average Lease Term (Years)	9.8 years	7.8 years	8.9 years	N/A
Average Tenant Improvement Allowance (per sq ft)	$94.35	$78.81	$99.09	N/A
Average Tenant Concessions (Months Free Rent)	9.4 months	6.3 months	9.1 months	N/A

Specific large lease terms signed in 2025 include a Wells Fargo renewal/expansion at 280 Park Avenue for 9 years and a Moroccanoil new lease at 1185 Avenue of the Americas for 10 years.

Proactive building upgrades and amenity investments to maintain Class A status.

The ESG report for 2025 noted continued investment in amenities, enhanced cleaning, wellness features, and air quality to support tenant retention.

Offering tenant improvement allowances to facilitate custom build-outs.

• Average Tenant Improvement Allowance on Manhattan leases signed in the first six months of 2025: $87.49 per rentable square foot.
• Average Tenant Improvement Allowance on Manhattan leases signed in Q3 2025: $99.09 per rentable square foot.

Relationship-based approach to debt and preferred equity investment partners.

Debt/Equity Metric	Value as of June 30, 2025	Activity in 2025
Debt and Preferred Equity Portfolio Carrying Value	$525.4 million	N/A
Weighted Average Current Yield (Portfolio)	7.0%	N/A
SLG Opportunistic Debt Fund Capital Raised	N/A	Secured $500 million in new commitments in July 2025, passing initial $1 billion target.
Acquisition of Partner Interest (100 Park Ave)	N/A	Paid $14.9 million cash for partner's 49.9% interest in April 2025.
Acquisition of Partner Interest (800 Third Ave)	N/A	Paid $5.1 million cash for partner's combined 39.48% interest in December 2025.
Sale of Preferred Equity Investment (625 Madison Ave)	N/A	Sold 50.0% for $104.9 million in July 2025.

SL Green Realty Corp. raised capital for its debt fund from a global investor base that includes public pension funds and insurance companies.

SL Green Realty Corp. (SLG) - Canvas Business Model: Channels

You're looking at how SL Green Realty Corp. gets its product-premier Manhattan office space and structured debt solutions-to its customers. It's a mix of direct sales, established partnerships, and specialized financial services outreach.

In-house leasing and property management teams are the core engine for their primary business. As Manhattan's largest office landlord, SL Green Realty Corp. manages a massive portfolio. As of September 30, 2025, SL Green Realty Corp. held interests in 53 buildings totaling 30.7 million square feet. Their in-house teams drive occupancy, which is a key performance indicator. Manhattan same-store office occupancy stood at 92.4% as of September 30, 2025, inclusive of leases signed but not yet commenced. The company expects to increase this to 93.2% by December 31, 2025.

The leasing execution for the first nine months of 2025 was significant, with 143 Manhattan office leases signed totaling 1,801,768 square feet. The velocity continued into the fourth quarter, with total Manhattan office leases signed to date in 2025 reaching 2.3 million square feet. The third quarter alone saw 52 office leases signed, encompassing 657,942 square feet. Here's a snapshot of the Q3 2025 leasing terms:

Metric	Value (Q3 2025)	Value (First Nine Months 2025)
Average Rent per Square Foot	$92.81	$88.91
Average Lease Term (Years)	8.9	8.9
Average Tenant Concessions (Months Free Rent)	9.1	8.5
Average Tenant Improvement Allowance (per Square Foot)	$99.09	$91.89

This in-house effort is definitely supported by external commercial real estate brokerage networks. You see this when major tenants sign, like the early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue during the first quarter of 2025. The in-house team is supported by this vast network to execute deals.

For capital needs, direct corporate investor relations is crucial for equity and debt raising. SL Green Realty Corp. announced the final closing of its SLG Opportunistic Debt Fund on December 5, 2025, securing total capital commitments of more than $1.3 billion, which surpassed its initial $1.0 billion target. This capital came from global institutional investors, including public pensions and insurance companies. On the asset side, the company executed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue. Furthermore, SL Green Realty Corp. closed on the sale of a 5.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd. for proceeds of $86.6 million, valuing the asset at a gross valuation of $4.7 billion, with SL Green retaining a 55.0% stake.

Digital and physical marketing is focused on showcasing flagship properties. One Vanderbilt Avenue, a 1,401-foot, 93-story tower with 1.7 million square feet of rentable space, is a prime example. This property is 100% leased. Its observation deck, SUMMIT One Vanderbilt, is a major draw, generating north of $100 million dollars in revenue annually. Other high-profile assets saw activity, such as the Q4 2025 expansion by a financial services company for 92,663 square feet at One Madison Avenue.

The Special Servicing platform, operating through Green Loan Services LLC, is a distinct channel for managing distressed debt assets. Green Loan Services has been named the special servicer on $21.5 billion of loans in total. This includes $14.3 billion of CMBS loans, $3.1 billion CDOs, and $4.2 billion of third-party balance sheet loans. As of Q2 2025, the company's active special servicing assignments increased by $1.3 billion, bringing the total active assignments to $6.1 billion, with an additional $10.5 billion designated but not yet active. Since inception, cumulative special servicing and asset management appointments total $25.2 billion. A recent workout involved modifying the $940 million CMBS loan (plus $260 million in mezzanine debt) at One World Plaza to take it out of special servicing in March 2025.

SL Green Realty Corp. (SLG) - Canvas Business Model: Customer Segments

SL Green Realty Corp.'s customer base is concentrated in high-quality, large-format office tenants across Manhattan, supplemented by sophisticated institutional capital partners.

The leasing activity year-to-date through December 5, 2025, shows 2.3 million square feet of Manhattan office leases signed, with a pipeline of approximately 1.2 million square feet remaining.

Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, stood at 92.4% as of September 30, 2025, with a target of 93.2% by December 31, 2025.

The company's asset management platform, the SLG Opportunistic Debt Fund, has attracted significant institutional backing, closing over $1.3 billion in total capital commitments, surpassing its initial $1 billion target.

As of September 30, 2025, SL Green Realty Corp. held interests in 53 buildings totaling 30.7 million square feet, including ownership interests in 27.1 million square feet of Manhattan buildings.

You can see the specific, recent commitments from key customer types below:

Customer Type	Tenant Example	Square Footage (SF)	Lease Term/Type	Property
Large, institutional financial services firms	Wells Fargo Bank	49,865 SF	9-year renewal and expansion	280 Park Avenue
Major law firms and professional services companies	Houlihan Lokey	37,224 SF	9.5-year expansion	245 Park Avenue
Major law firms and professional services companies	Hinshaw & Culbertson	26,977 SF	10-year renewal	800 Third Avenue
Growing technology and AI companies	Harvey AI Corporation	92,663 SF	10-year new lease	One Madison Avenue
Growing technology and AI companies	Sigma Computing, Inc	64,077 SF	11-year new lease	One Madison Avenue
Government and non-profit organizations	NYS Office of General Services	66,106 SF (Expansion)	15-year expansion	919 Third Avenue

The financial services segment is actively expanding its footprint, as shown by a general financial services company taking a 92,663 square foot expansion at One Madison Avenue, bringing its total commitment there to 159,871 square feet.

The demand from the technology, advertising, media, and information (TAMI) sector is a significant driver for the current leasing pipeline.

SL Green Realty Corp.'s institutional capital partners are diverse, with the debt fund attracting capital from:

• Public pension funds
• Insurance companies
• High-net-worth platforms
• Global investors from North America, Europe, Asia, and the Middle East

Specific financial transactions involving partners include:

• A $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue completed in September 2025.
• The debt fund secured $500 million in new commitments in one week in July 2025.
• The carrying value of SL Green Realty Corp.'s debt and preferred equity portfolio, excluding the debt fund, was $289.7 million on September 30, 2025.

In a move to consolidate ownership, SL Green Realty Corp. completed the acquisition of its joint venture partners' 39.48% interest in 800 Third Avenue for $5.1 million.

The company's 2025 annual ordinary dividend was established at $3.09 per share.

Finance: review the Q4 2025 lease pipeline against the 1.2 million square feet pipeline figure by next Tuesday.

SL Green Realty Corp. (SLG) - Canvas Business Model: Cost Structure

You're looking at the hard costs that keep SL Green Realty Corp.'s Manhattan office platform running and servicing its obligations as of late 2025. These are the necessary outflows that management has to cover before realizing net income.

High interest expense on substantial debt load, a defintely key risk. The cost of borrowing is a major component. For the third quarter of 2025, SL Green Realty Corp.'s interest expenses, net of interest income, rose to $47.2 million. This expense services the debt load, which, as of September 30, 2025, had a net carrying value of $289.7 million for the debt and preferred equity portfolio, excluding the SLG Opportunistic Debt Fund. The company is actively managing this, evidenced by completing a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue in September 2025, with an effective rate of 5.592% for SL Green Realty Corp.'s portion.

The structure of these costs involves several key areas:

• Property operating expenses (utilities, maintenance, property taxes).
• Significant capital expenditures for tenant improvements (TI) and building repositioning.
• General and administrative costs for the fully integrated REIT platform.

Transaction costs related to asset sales and gaming license pursuit. These are non-recurring but significant outflows. For instance, in the third quarter of 2025, Funds From Operations (FFO) were reported net of transaction costs of $13.1 million, primarily tied to the pursuit of a gaming license. Looking at the longer nine-month period ending September 30, 2025, total transaction costs amounted to $13.6 million.

Here's a quick look at some of the key financial metrics that frame these costs as of the third quarter of 2025:

Financial Metric	Amount (Q3 2025)	Period/Date
Interest Expense (Net of Income)	$47.2 million	Q3 2025
Transaction Costs (Gaming License Pursuit)	$13.1 million	Q3 2025
Total Transaction Costs	$13.6 million	Nine Months Ended 9/30/2025
Debt & Preferred Equity Portfolio Carrying Value	$289.7 million	9/30/2025
Revenue	$244.82 million	Q3 2025
EBITDA	$144.35 million	Last Twelve Months

The company's overall financial performance in the period helps absorb these costs. Net income attributable to common stockholders for the quarter ended September 30, 2025, was $24.9 million, or $0.34 per share. FFO for that same quarter was $120.4 million, or $1.58 per share.

Finance: draft 13-week cash view by Friday.

SL Green Realty Corp. (SLG) - Canvas Business Model: Revenue Streams

You're looking at the core ways SL Green Realty Corp. brings in cash, which is essential for valuing any real estate investment trust. As Manhattan's largest office landlord, the revenue streams are heavily weighted toward the physical assets you see every day, but investment activities play a big role too. Here's the quick math on their Q3 2025 performance to frame this section.

The total reported revenue for the third quarter of 2025 was $244.82 million. This top-line number is the base for understanding the relative importance of each revenue component for SL Green Realty Corp. during that period.

Revenue Stream Component	Approximate Percentage of Q3 2025 Total Revenue	Calculated Approximate Q3 2025 Dollar Amount
Rental income from office and retail properties	84.1%	$205.89 million
Other income (including management and special servicing fees)	11.5%	$28.15 million
Combined from Debt/Equity Income and Lease Termination Income	14.4% (Remainder)	$35.78 million (Remainder)

Rental income is definitely the engine here, which makes sense for a landlord. Still, you can't ignore the capital markets activity that shows up on the income statement, often as gains or investment income. These non-recurring or investment-related items can significantly boost a quarter, even if they aren't steady like rent checks.

For instance, strategic asset sales provided a clear, large cash infusion, even if it's not strictly recurring quarterly revenue. You saw proceeds of $86.6 million generated from the sale of a 5.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd. That transaction valued the trophy asset at a gross valuation of $4.7 billion.

Income from debt and preferred equity investments is another key area, often realized through loan payoffs or debt extinguishment gains. For the nine months ended September 30, 2025, SL Green Realty Corp. recorded a net gain on discounted debt extinguishment of $57.2 million related to the debt encumbering 1552-1560 Broadway. As of September 30, 2025, SL Green Realty Corp. held interests in 2.7 million square feet securing debt and preferred equity investments across its portfolio.

You should track these specific, non-rental revenue components closely, as they signal capital recycling and balance sheet management:

• Income from debt and preferred equity investments.
• Gains from strategic asset sales, like the $86.6 million One Vanderbilt proceeds.
• Net gain on discounted debt extinguishment of $57.2 million in Q3 2025.
• Lease termination income, which can be lumpy depending on tenant needs.

Also, remember that as of September 30, 2025, SL Green Realty Corp. held interests in 53 buildings totaling 30.7 million square feet, with 27.1 million square feet being Manhattan buildings. That massive physical footprint is what generates the core rental income stream.

Finance: draft 13-week cash view by Friday.