SL Green Realty Corp. Earnings Recaps
Q2 2026
Jul 25, 2026
SL Green’s shares jumped 9% following a significant upward revision to full-year FFO guidance, driven by stronger-than-expected leasing momentum, accelerating revenue recognition, and disciplined expense management.
Key takeaways
- Management raised full-year FFO guidance by $1.20 per share, representing a more than 26% increase, with the majority of the upside expected to be recurring.
- Manhattan office portfolio outperformed on leasing, including early renewals and leasing of prebuilt space, leading to immediate earnings benefit.
- Accelerated GAAP revenue recognition contributed meaningfully to reported revenue growth in the quarter.
- Operating expenses were tightly controlled, exemplifying ongoing discipline by the operations team.
- Economic and leasing activity in New York City remains robust, supported by strong financial services, technology, healthcare, and venture capital growth.
Q1 2026
Apr 16, 2026
SL Green delivered its strongest Q1 in 28 years, driven by record leasing activity and escalating rents amid a tightening trophy office market in New York City.
Key takeaways
- Signed 51 leases totaling 930,000 sq ft with a 16% mark-to-market rent increase, highlighting surging demand for premium office space.
- Trophy building vacancy rate declined to 3.4%, fueling ongoing rent escalation and strong net effective rent growth.
- Urban economic indicators remain robust, with record city tax revenues, rising real estate and personal income taxes, and a thriving startup ecosystem supporting office demand.
- Development pipeline advances swiftly: 346 Madison project proceeding to ULURP, and 7 Times Square mobilization underway; ongoing disposition efforts include major asset sales.
- Debt fund deployment remains active, with $226 million invested since last quarter, positioning the company for continued growth amid favorable market fundamentals.