Companies /Real Estate

SL Green Realty Corp

NYSE: SLG Reit - Office
$57.79
▼ $0.05 (−0.09%) today
Markets open · 1:50pm ET

Q1 2026 Earnings

Reported Apr 16, 2026, 1:43pm ET · SEC source
$-1.20
Miss −26.96%
EPS · est. $-0.95
$253.1M
Beat +31.58%
Revenue · est. $192.3M
−9.6%
Trailing market
SLG vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%+6%Apr 16Apr 17report 1:43pm ETearnings+1.3%+4.6%
−3%0+3%+6%Apr 16Apr 17earnings+1.3%+4.6%
SLG +4.6%S&P 500 +1.3%
−3%0+3%+6%Apr 16Apr 17report 1:43pm ETearnings+1.2%+4.6%
−3%0+3%+6%Apr 16Apr 17earnings+1.2%+4.6%
SLG +4.6%NASDAQ +1.2%
0+3%+6%Apr 15Apr 24report 1:43pm ETearnings+1.8%+2.5%
0+3%+6%Apr 15Apr 24earnings+1.8%+2.5%
SLG +2.5%S&P 500 +1.8%
0+3%+6%Apr 15Apr 24report 1:43pm ETearnings+3.7%+2.5%
0+3%+6%Apr 15Apr 24earnings+3.7%+2.5%
SLG +2.5%NASDAQ +3.7%
+6.05%
Day of report
+1.85%
Next session
−2.59%
One week
−6.26%
30 days

S&P 500 over the same 30 days: +3.32%.

Did SLG Beat Earnings? Q1 2026 Results

SL Green Realty delivered a mixed first quarter for 2026, posting a sharper-than-expected loss even as revenue cleared estimates by a wide margin. The Manhattan office landlord reported a net loss of $1.20 per diluted share, missing the consensus estimate of $0.95 by 26.96%, while revenue of $253.08 million beat expectations of $192.34 million and rose 5.0% year-over-year. The deeper loss was driven largely by non-cash headwinds, including $35.16 million in depreciable real estate reserves, a $20.78 million equity loss from unconsolidated joint ventures, and the absence of a $25.00 million loan recovery that had flattered year-ago results. Funds from operations came in at $0.84 per diluted share, down from $1.40 a year earlier. On the operational side, leasing activity was notably robust, with 929,264 square feet of Manhattan office leases signed at an average starting rent of $105 per square foot. SL Green reaffirmed full-year 2026 FFO guidance of $4.40 to $4.70 per share, with management targeting 95.0% same-store occupancy by year-end; the stock slipped following the report as investors weighed the widening loss against improving fundamentals.

Key Takeaways
  • Signed 51 Manhattan office leases totaling 929,264 square feet in Q1, described as the highest first-quarter volume in the company's 28-year history
  • Average starting rent of $105.12 per rentable square foot on Manhattan office leases signed in Q1 2026
  • Mark-to-market on replacement leases was 16.1% higher than previous fully escalated rents
  • Manhattan same-store cash NOI excluding lease termination income increased 2.6% year-over-year
  • Manhattan same-store office occupancy increased to 94.4% from 93.0% at end of prior quarter

Forward Guidance & Outlook

SL Green reaffirmed its 2026 FFO guidance range of $4.40 to $4.70 per share, with a midpoint of $4.55 per share. The company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026. The new annual common dividend of $2.47 per share is designed to retain incremental liquidity for investment opportunities, which may include discounted debt extinguishments, share repurchases, or ongoing development projects. The sale of the residential and retail components of 7 Dey Street for $222.6 million is expected to close in Q2 2026.

SLG YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$70.0M$140.0M$210.0M$241.0M$253.1MRevenue$98.1M$76.5MOperating Income
$0$70.0M$140.0M$210.0MRevenueOperating Income

SLG Revenue by Segment

Rental Revenue$166.0M
SUMMIT Operator Revenue
SUMMIT Operator$24.1M
Escalation and Reimbursement Revenues$20.9M
Interest Income from Real Estate Loans (Consolidated Securitization Vehicles)
Fee Income$20.0M
Other Income$5.1M
Interest Income from Real Estate Loans Held by Consolidated Securitization Vehicles$14.6M

Figures from SEC filings and company reports. Not investment advice.