SL Green Realty (SLG) Q1 2026 earnings summary

Executive summary

• Reported a net loss attributable to common stockholders of $1.20 per share for Q1 2026, compared to a net loss of $0.30 per share in Q1 2025.

• Funds from operations (FFO) were $0.84 per share, down from $1.40 per share in Q1 2025, which included a $0.33 per share one-time gain.

• Signed 51 Manhattan office leases totaling 929,264 sq ft, the highest Q1 leasing volume in company history, with a 16.1% mark-to-market increase over prior rents.

• Manhattan same-store cash NOI rose 2.6% year-over-year, excluding lease termination income.

• Manhattan same-store office occupancy increased to 94.4% as of March 31, 2026, with a target of 95.0% by year-end.

Financial highlights

• Total revenues for Q1 2026 were $253.1 million, up from $239.8 million in Q1 2025.

• Net loss attributable to common stockholders was $84.4 million, compared to $21.1 million in Q1 2025.

• FFO for Q1 2026 was $64.6 million, compared to $106.5 million in Q1 2025.

• Diluted FFO per share was $0.84, down from $1.40 in Q1 2025.

• Declared a quarterly ordinary dividend of $0.6175 per share and an annual ordinary dividend of $2.47 per share for 2026.

Outlook and guidance

• Reaffirmed 2026 FFO guidance range of $4.40 to $4.70 per share, midpoint $4.55.

• Expects Manhattan same-store office occupancy to reach 95.0% by December 31, 2026.

• New dividend policy aims to retain incremental liquidity for investment opportunities.