Q1 26 EPS
$-1.20
MISS 26.96%
Est. $-0.95
Q1 26 Revenue
$253.1M
BEAT +31.58%
Est. $192.3M
vs S&P Since Q1 26
+29.2%
BEATING MARKET
SLG +38.1% vs S&P +8.9%
Market Reaction
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 est… Read more 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
SLG YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
SLG Revenue by Segment
With YoY comparisons, source: SEC Filings
SLG Earnings Trends
SLG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SLG EPS Trend
Earnings per share: estimate vs actual
SLG Revenue Trend
Quarterly revenue: estimate vs actual
SLG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $-0.95 | $-1.20 | -26.96% | $253.1M | +31.58% |
| Q4 25 MISS FY | $-0.61 | $-1.49 | -146.20% | $276.5M | +69.89% |
| FY Full Year | — | $-1.61 | — | $1.00B | — |
| Q3 25 BEAT | $0.00 | $0.34 | +113,433.33% | $244.8M | +40.26% |
| Q2 25 MISS | $-0.05 | $-0.16 | -205.93% | $241.9M | +40.41% |