| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 264.00 | 4.3% | 9.1% |
| Total Income | 264.00 | 4.3% | 9.1% |
| Expenditure | 104.07 | 3.5% | 7.6% |
| PBT | — | ||
| Net Profit | -22.77 | 71.8% | 209.4% |
| OPM | 60.58% | 3.18pp | 7.14pp |
| NPM | -8.62% | 23.25pp | 5.58pp |
| EPS | -0.38 | 68.3% | 137.5% |
SL Green Realty Corp. Reports Q2 2026 Results and Increases 2026 Guidance
23 Jul 2026 · 23 Jul, 11:22 pm
Summary
SL Green Realty Corp. reported a net loss of $0.38 per share for the second quarter of 2026, a wider loss than the $0.16 per share in the prior year period, while Funds from Operations (FFO) decreased to $1.43 per share from $1.63 per share, impacted by a prior year favorable item. The company is significantly increasing its full-year 2026 FFO guidance to a range of $5.60 to $5.90 per share, up from $4.40 to $4.70 per share, driven by improved NOI and additional income from One Vanderbilt Avenue. Leasing activity remains strong, with Manhattan same-store cash NOI up 4.3% and occupancy at 94.7%, while the company continues to execute on its disposition strategy.
Key Highlights
- 1
SL Green reported a net loss attributable to common stockholders of $0.38 per share for the second quarter of 2026, compared to a net loss of $0.16 per share in the same period of 2025.
- 2
Funds from operations (FFO) for the second quarter of 2026 were $1.43 per share, down from $1.63 per share in the second quarter of 2025, which included significant income from a commercial mortgage investment resolution.
- 3
The Company is increasing its 2026 FFO guidance range to $5.60-$5.90 per share from $4.40-$4.70 per share, reflecting higher net operating income, incremental fees, and additional income from One Vanderbilt Avenue.
- 4
Manhattan same-store cash NOI increased by 4.3% for the second quarter of 2026 compared to the same period in 2025, excluding lease termination income.
- 5
Manhattan office leases signed in the second quarter of 2026 showed a mark-to-market increase of 18.0% over previous fully escalated rents.
- 6
Occupancy in the Company's Manhattan same-store office portfolio increased to 94.7% as of June 30, 2026, with expectations to reach 95.0% by year-end.
- 7
The Company closed on the sale of the residential and retail components of 7 Dey Street for $222.6 million and entered into a contract to sell 10 East 53rd Street for $312.2 million.
Management Comments
Marc Holliday
The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher NOI from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share.
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