SL Green Realty (SLG) Q3 2026 earnings summary

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.