SL Green Realty (SLG) Q2 2026 earnings summary

Executive summary

• Achieved a 300 basis point increase in economic occupancy and reported a net loss of $26.5 million ($0.38/share) for Q2 2026, with FFO at $109.6 million ($1.43/share), down from Q2 2025 due to prior one-time income.

• Upward revision of 2026 FFO guidance to $5.60–$5.90/share (from $4.40–$4.70), with recurring gains from operational outperformance and One Vanderbilt's cash flow.

• Manhattan same-store cash NOI increased 4.3% year-over-year for Q2 2026, with office occupancy rising to 94.7% as of June 30, 2026.

• Signed 53 Manhattan office leases totaling 445,161 sq. ft. in Q2 2026, with average starting rents up 18% over previous escalated rents for replacement leases.

• SUMMIT observatory outperformed competitors in attendance and ticket pricing, with international expansion plans in Paris (2027) and Tokyo (2030).

Financial highlights

• Q2 profits for Wall Street up 50% year-over-year, supporting strong office demand.

• Total revenues for Q2 2026 were $264.0 million, up from $241.9 million in Q2 2025.

• Property NOI including share of unconsolidated JVs was $208.5 million for Q2 2026, up from $196.5 million in Q1 2026 and $189.4 million in Q2 2025.

• Manhattan office portfolio revenues benefited from early renewals and accelerated GAAP revenue recognition.

• Annualized dividend per common share was $2.47.

Outlook and guidance

• Raised 2026 FFO guidance to $5.60–$5.90/share and net income guidance to $0.20–$0.50/share, reflecting higher NOI, incremental fees, and additional income from One Vanderbilt Avenue.

• Expects Manhattan same-store office occupancy to reach 95.0% by year-end 2026.

• Same store NOI growth projected to exceed 10% in 2027, with 2026 outperforming prior benchmarks.

• FAD breakeven against dividend coverage expected by 2028.