SL Green Realty (SLG) Q1 2026 earnings summary

Executive summary

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

• Reported a net loss attributable to common stockholders of $84.4 million ($1.20 per share) for Q1 2026, compared to $21.1 million ($0.30 per share) in Q1 2025.

• Funds from Operations (FFO) for Q1 2026 was $64.6 million ($0.84 per share), down from $106.5 million ($1.40 per share) in Q1 2025.

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

• Major development projects and asset sales are progressing, including the sale of 7 Dey and 690 Madison Avenue.

Financial highlights

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

• Property NOI (including JV share) was $196.5 million in Q1 2026, up from $177.5 million in Q1 2025.

• Cash NOI (including JV share) was $190.4 million in Q1 2026, up from $166.1 million in Q1 2025.

• NOI and same-store cash NOI both exceeded internal projections in Q1, with same-store cash NOI up 2.6%, 300 basis points above expectations.

• FFO results are expected to be choppy quarter-to-quarter but are tracking toward the midpoint or higher end of guidance.

Outlook and guidance

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

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

• Annual ordinary dividend for 2026 set at $2.47 per share, down from $3.09 in 2025, to retain liquidity for investments.

• The amendment to the $3 billion credit facility provides flexibility for future increases and extensions, supporting ongoing liquidity and capital needs.

• Summit observation deck expected to outperform ambitious targets for the year, with increased hours and strong advance ticket sales.