SL Green Realty Corp. Q2 2026 Earnings Recap

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.