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Company research25 Mar 2024
Companies That Had Their IPO in 1997: Tech and Internet Fever
An overview of the IPO landscape and stock market sentiment as the dot com bubble slowly started to take shape.
SL Green Realty
SL Green Realty (SLG) investor relations material
SL Green Realty Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net income attributable to common stockholders was $72.2M, or $1.01/share, versus $24.9M, or $0.34/share; FFO was $122.1M, or $1.59/share, versus $120.4M, or $1.58/share.
9M net loss attributable to common stockholders was $38.7M versus $7.3M; FFO was $296.3M versus $351.4M, with the prior-year period including a $71.6M mortgage repayment.
Manhattan same-store cash NOI rose 5.0% in Q3 and 4.2% for 9M; office occupancy reached 95.0% including signed leases not yet commenced.
FY2026 FFO guidance increased to $6.50–$6.70/share and net income guidance to $0.40–$0.60/share.
Financial highlights
Q3 revenue was $273.0M versus $244.8M YoY; operating income was $127.7M versus $62.5M, and EBITDAre was $225.7M versus $251.9M.
Q3 net income included a $91.4M gain on real estate sales and an $86.9M gain on sale of an interest in an unconsolidated JV.
9M revenue was $790.1M versus $726.6M; operating income was $331.2M versus $311.6M.
Same-store NOI grew more than 4%; signed rents averaged ~15% above prior rents, with leasing mark-to-market above 20%.
Outlook and guidance
FY2026 FFO guidance rose from $5.60–$5.90/share to $6.50–$6.70/share, including $1.10/share from a hospitality JV interest sale and offset by $0.25/share from higher rates.
FY2026 net income guidance increased from $0.20–$0.50/share to $0.40–$0.60/share.
2027 same-store cash NOI growth remains targeted above 10%, despite a higher 2026 comparison and operating-cost inflation.
The leasing pipeline reached 1.3M sq. ft., including ~840,000 sq. ft. in active negotiations; management expected momentum to continue into Q4.
2026 asset sales and JV transactions target $2.5B of pro-rata value; some deals may move into H1 2027, with 2027 dispositions expected to favor JVs.
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Latest events from SL Green Realty
- Leasing, rent growth, and capital execution are driving strong performance and future NOI gains.SLG
BofA NY Global Real Estate Conference 2026 - 2026 FFO guidance raised as Manhattan leasing and NOI growth drive improved outlook.SLGQ2 2026
- Record Manhattan leasing, net loss of $1.20/share, and FFO of $0.84/share in Q1 2026.SLGQ1 2026
- Q4 2025 saw a net loss, strong leasing, 93% occupancy, and major refinancing plans.SLGQ4 2025
- 2026 plan targets debt reduction, NOI growth, and asset management expansion amid strong NYC demand.SLGInvestor Day 2025
- Q3 2025 profitability rebounded on strong leasing, major acquisitions, and rising Manhattan rents.SLGQ3 2025
- 2025 guidance targets $5.25–$5.55 FFO/share, robust leasing, and global expansion.SLGInvestor Day 2024
- Q2 2024 FFO rose, guidance increased, and leasing and liquidity remained strong.SLGQ2 2024
- Q1 2025 revenue up 27.6% to $239.8M, but net loss hit $21.1M; leasing and liquidity strong.SLGQ1 2025
Next SL Green Realty earnings date
Investor Day 20267 Dec, 2026
SL Green Realty
Next SL Green Realty earnings date
Investor Day 20267 Dec, 2026
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Frequently asked questions
NYC focused REIT
SL Green Realty is an American Real Estate Investment Trust (REIT) specializing in commercial properties, particularly in New York City. The company's primary focus is on acquiring, managing, and maximizing the value of Manhattan commercial properties, and is one of the largest office landlords in the city. SL Green's strategy involves not only the ownership and management of these assets but also investing in a variety of debt and preferred equity investments. Their portfolio includes several high-profile buildings, catering to a range of tenants from various sectors. The company is headquartered in NYC, and its shares are listed on the NYSE.
Starting Out as a Commercial Mortgage Broker
SL Green Realty was founded in 1980 by Stephen L. Green and is a major player in the commercial real estate industry, particularly in New York City. Initially a commercial mortgage broker, the company shifted focus to property investments and management, becoming a fully integrated REIT in 1997. Over the years, SL Green has concentrated on developing, acquiring, and managing offices primarily in Manhattan, something it continues to do to this day.
Developing and Managing Properties
As previously mentioned, the company’s approach involves purchasing properties in key locations, which in some cases is followed by redevelopment or renovation to improve their value and appeal. The management aspect of their business includes handling daily operations, maintenance, and leasing out the properties to businesses and companies. SL Green also practices strategic asset management, which involves selling properties at opportune moments and reinvesting in new ventures. When looking at similar companies to SL Green, one finds names such as Boston Properties, Vornado Realty, Hudson Pacific, and several others.
Operating as a REIT
SL Green operates as a Real Estate Investment Trust, which is not something unusual for this type of company. REIT is a type of company that owns, operates, or finances income-generating real estate across a range of property sectors. These can include residential, commercial, industrial, and healthcare spaces, among others. REITs allow individual investors to earn dividends from real estate investments without needing to buy, manage, or finance any properties themselves. Most REITs operate along a straightforward model: they lease space and collect rent on the properties, then distribute that income as dividends to shareholders. In the United States, REITs must distribute at least 90% of their taxable income to shareholders annually, in the form of dividends.