SL Green Realty Corp. Q3 2026 Earnings Recap

SL Green shares rose 5.4% after earnings, as investors appeared to reward the company’s leasing momentum and financing progress. Management reported 95% leased occupancy and more than $7 billion completed against its 2026 financing plan, while flagging higher interest rates as a drag on earnings.

Key Takeaways

• The company has leased more than 2 million square feet year to date, bringing portfolio leased occupancy to 95%; its leasing pipeline stands at 1.3 million square feet.
• Rents on new leases are averaging around 15% above previous rents, and same-store NOI growth was more than 4%.
• SL Green completed over $7 billion of its 2026 financing plan, including a $2 billion refinancing of 245 Park, and said it has little financing to do in 2027.
• Management said higher interest rates reduced second-half earnings by $0.25 per share; it cited a roughly 150-basis-point rate swing during the year.
• The company is targeting $2.5 billion of asset and joint-venture transactions. It has completed over $1 billion in pro-rata-value JV transactions, with some additional deals potentially deferred into the first half of 2027.