SL Green Realty Corp. Reports Third Quarter 2026 EPS of $1.01 Per Share; and FFO of $1.59 Per Share
The higher FFO outlook includes $1.10 per share of incremental hospitality-interest sale income, offset by $0.25 from higher interest rates.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
SL Green Realty (NYSE: SLG) reported third-quarter 2026 diluted earnings of $1.01 per share and raised its full-year earnings guidance. Quarterly net income attributable to common stockholders rose to $72.2 million from $24.9 million a year earlier. Funds from operations, a non-GAAP earnings measure, increased to $1.59 per share from $1.58.
The company raised 2026 FFO guidance to $6.50-$6.70 per share from $5.60-$5.90, reflecting hospitality-interest sale income partly offset by higher interest rates. Net income guidance increased to $0.40-$0.60 per share from $0.20-$0.50. Manhattan same-store cash net operating income rose 5.0%, excluding lease termination income. Occupancy reached 95.0%, including signed leases not yet commenced. Nine-month FFO fell to $3.85 per share from $4.60. SL Green also contracted to sell 110 Greene Street for $226.0 million and, with its partner, completed a $2.0 billion refinancing of 245 Park Avenue in October.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 FFO guidance increased to $6.50-$6.70 per share from $5.60-$5.90.
- Major point245 Park Avenue refinancing closed in October for $2.0 billion, replacing $1.768 billion of mortgage and mezzanine financing. 60% of market cap
- Moderate pointThird-quarter common-stockholder net income rose to $72.2 million, or $1.01 per share, from $24.9 million, or $0.34.
- Moderate pointTotal revenue rose to $273.025 million quarterly and $790.106 million year-to-date, from $244.817 million and $726.579 million.
- Moderate pointManhattan same-store cash net operating income increased 5.0% quarterly and 4.2% year-to-date, excluding lease termination income.
- Moderate pointManhattan same-store office occupancy increased to 95.0% from 92.9% at year-end 2025, including uncommenced signed leases.
- Moderate pointNine-month replacement leases achieved 15.7% higher starting rents than previous fully escalated rents, averaging $109.99 per rentable square foot.
- Moderate point. Forward-looking: it has not happened yet and may not happen.110 Greene Street sale contract totals $226.0 million; approximately $216.0 million expected net proceeds will repay corporate debt. 6.8% of market cap
- Moderate point10 East 53rd Street sale closed for $312.2 million, generating $99.0 million in net cash proceeds. 9.4% of market cap
- Moderate pointOpportunistic Debt Fund deployment totaled $100.7 million quarterly and $359.0 million in 2026.
9 minor points
- Minor pointThird-quarter FFO increased to $122.1 million, or $1.59 per share, from $120.4 million, or $1.58.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 net income guidance increased to $0.40-$0.60 per share from $0.20-$0.50.
- Minor pointThird-quarter Manhattan office leasing totaled 38 leases and 591,108 square feet, averaging $105.75 rent per rentable square foot.
- Minor pointNine-month Manhattan office leasing totaled 142 leases and 1,965,533 square feet, averaging $102.61 rent per rentable square foot.
- Minor pointThird-quarter replacement leases achieved 13.6% higher starting rents than previous fully escalated rents, averaging $110.88 per rentable square foot.
- Minor pointOctober hospitality-entity interest sale generated $40.0 million for a 20% stake at a $200.0 million gross valuation.
- Minor point185 Broadway office condominium sale closed in October for $9.0 million, generating $8.7 million in net cash proceeds.
- Minor pointSL Green hedged its share of the 245 Park Avenue financing to an effective 6.37% interest rate.
- Minor pointFund deployment reached $643.1 million; $528.8 million has been funded and $18.9 million has since been repaid.
Negative
- Major point245 Park Avenue refinancing carries a five-year, 6.52% fixed rate, before SL Green's share-specific hedge.
- Moderate pointNine-month common-stockholder net loss widened to $38.7 million, or $0.56 per share, from $7.3 million, or $0.12.
- Moderate pointNine-month FFO fell to $296.3 million, or $3.85 per share, from $351.4 million, or $4.60.
- Moderate pointTotal expenses increased to $305.643 million quarterly and $899.977 million year-to-date, from $298.487 million and $767.469 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.Higher interest rates offset the 2026 FFO guidance increase by $0.25 per share.
2 minor points
- Minor pointThird-quarter leases carried average concessions of 8.2 months free rent and $85.20 per rentable square foot for improvements.
- Minor pointNine-month leases carried average concessions of 8.6 months free rent and $89.88 per rentable square foot for improvements.
News Explained
The completed hospitality joint-venture sale brought SL Green 40 million dollars for a 20 percent interest.
The 110 Greene Street sale remains under contract, not closed; it is expected to close in the
Separately, SL Green closed the sale of a
Key Figures
- Net income per share
- $1.01 per share vs. $0.34 per share
- Third quarter 2026 vs. third quarter 2025; diluted
- FFO per share
- $1.59 per share vs. $1.58 per share
- Third quarter 2026 vs. third quarter 2025; diluted
- 2026 FFO guidance
- $6.50-$6.70 per share, revised from $5.60-$5.90 per share
- Year ending December 31, 2026
- 2026 net income guidance
- $0.40-$0.60 per share, revised from $0.20-$0.50 per share
- 2026 guidance
- Net loss per share
- $(0.56) per share vs. $(0.12) per share
- First nine months of 2026 vs. first nine months of 2025; diluted
Previous Earnings Reports
-
Reported Q3 2025 net income and FFO per share, providing a same-quarter baseline.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
funds from operations financial
reit financial
cm bs financial
non-gaap financial measures regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Increases 2026 Earnings Guidance
Financial and Operating Highlights
- Net income attributable to common stockholders of
$1.01 per share for the third quarter of 2026 as compared to net income of$0.34 per share for the same period in 2025. - Funds from operations ("FFO") of
$1.59 per share for the third quarter of 2026 as compared to FFO of$1.58 per share for the same period in 2025. - The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from
$5.60 -$5.90 per share to$6.50 -$6.70 per share, which reflects$1.10 per share of incremental income from the sale of a20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, offset by$0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from$0.20 -$0.50 per share to$0.40 -$0.60 per share. - Signed 38 Manhattan office leases totaling 591,108 square feet in the third quarter of 2026 and 142 Manhattan office leases totaling 1,965,533 square feet for the first nine months of 2026. The mark-to-market on signed Manhattan office leases was
13.6% higher for the third quarter and15.7% higher for the first nine months than the previous fully escalated rents on the same spaces. - Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased
5.0% for the third quarter of 2026 and4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025. - Manhattan same-store office occupancy increased to
95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced.
Investing Highlights
- Entered into a contract to sell 110 Greene Street for total consideration of
$226.0 million . The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, and generate approximately$216.0 million of net cash proceeds. - Closed on the previously announced sale of 10 East 53rd Street for total consideration of
$312.2 million . The Company received net cash proceeds of$99.0 million . - Deployed
$100.7 million of the$1.3 billion SLG Opportunistic Debt Fund (the "Fund") during the third quarter and$359.0 million to date in 2026, bringing total Fund deployment to$643.1 million , of which$528.8 million has been funded, and$18.9 million of which has since been repaid. - In October, closed on the sale of a
20% joint venture interest in an entity related to the Company's food and beverage hospitality operations at a gross valuation of$200.0 million . The transaction generated proceeds to the Company of$40.0 million . - In October, closed on the sale of the 26,000 square foot office condominium at 185 Broadway for
$9.0 million . The Company received net cash proceeds of$8.7 million .
Financing Highlights
- In October, together with our joint venture partner, closed on a
$2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S. Treasury index, resulting in an interest rate of6.52% . SL Green hedged its share of the financing to an effective interest rate of6.37% .
NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2026 of
The Company reported net loss attributable to common stockholders for the nine months ended September 30, 2026 of
The Company reported FFO for the quarter ended September 30, 2026 of
The Company reported FFO for the nine months ended September 30, 2026 of
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by
During the third quarter of 2026, the Company signed 38 office leases in its Manhattan office portfolio totaling 591,108 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2026 was
During the nine months ended September 30, 2026, the Company signed 142 office leases in its Manhattan office portfolio totaling 1,965,533 square feet. The average rent on the Manhattan office leases signed in 2026 was
Occupancy in the Company's Manhattan same-store office portfolio increased to
Significant leasing activity in the third quarter includes:
- New lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
- Early renewal with IMG Worldwide LLC for 90,202 square feet at 304 Park Avenue South;
- New lease with Landesbank Baden-Württemberg for 58,332 square feet at 1185 Avenue of the Americas;
- New lease with Nearwater Management, LLC for 37,563 square feet at 245 Park Avenue;
- New expansion lease with Greenberg Traurig LLP for 33,477 square feet at One Vanderbilt Avenue;
- New lease with OceanSound Partners, LP for 32,032 square feet at 450 Park Avenue;
- Early renewal with Haworth, Inc. for 30,365 square feet at 125 Park Avenue.
Earnings Guidance
The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from
Investment Activity
In September, the Company entered into a contract to sell 110 Greene Street for total consideration of
In August, the Company closed on the previously announced sale of 10 East 53rd Street for total consideration of
During the third quarter, the Company deployed
In October, the Company closed on the sale of a
In October, the Company closed on the sale of the 26,000 square foot office condominium at 185 Broadway for
Financing Activity
In October, the Company and its joint venture partner closed on a
Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 7, 2026 beginning at 9:00 a.m. ET. The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen-only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at www.slgreen.com on the day of the conference. An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.
For more information about the event, please email SLG2026@slgreen.com.
Dividends
In the third quarter of 2026, the Company declared:
- A quarterly ordinary dividend on its outstanding common stock of
$0.6175 per share, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of$2.47 per share; - A quarterly dividend on its outstanding
6.50% Series I Cumulative Redeemable Preferred Stock of$0.40625 per share for the period July 15, 2026 through and including October 14, 2026, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of$1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 22, 2026, at 2:00 p.m. ET to discuss the financial results.
Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”
The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BI6e8d3796e9b044fbb7f0dca147720564.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2026, SL Green held interests in 53 buildings totaling 30.3 million square feet, which included ownership interests in 28.9 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 5 buildings totaling 1.3 million square feet owned by third parties.
To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.
Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as our earnings guidance, future capital expenditures, dividends, acquisitions and dispositions (including the amount and nature thereof and the expected timing, closing and use of proceeds of pending dispositions), financing and refinancing transactions and hedging activities, development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," “target,” “plan,” “guidance,” “outlook,” or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
PRESS CONTACT
slgreen@berlinrosen.com
| SL GREEN REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| Revenues: | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Rental revenue, net | $ | 165,552 | $ | 149,672 | $ | 503,393 | $ | 441,725 | |||||||
| Escalation and reimbursement revenues | 20,381 | 18,864 | 61,298 | 55,067 | |||||||||||
| SUMMIT Operator revenue | 34,655 | 32,883 | 90,306 | 86,424 | |||||||||||
| Investment income | 2,615 | 4,356 | 7,618 | 26,809 | |||||||||||
| Interest income from real estate loans held by consolidated securitization vehicles | 14,687 | 10,838 | 44,079 | 47,868 | |||||||||||
| Fee income | 30,596 | 23,296 | 70,037 | 47,787 | |||||||||||
| Other income | 4,539 | 4,908 | 13,375 | 20,899 | |||||||||||
| Total revenues | 273,025 | 244,817 | 790,106 | 726,579 | |||||||||||
| Expenses: | |||||||||||||||
| Operating expenses, including related party expenses of | 58,700 | 57,673 | 180,407 | 164,840 | |||||||||||
| Real estate taxes | 42,190 | 37,627 | 126,537 | 112,594 | |||||||||||
| Operating lease rent | 6,898 | 6,106 | 20,740 | 18,317 | |||||||||||
| SUMMIT Operator expenses | 42,936 | 35,959 | 93,398 | 82,570 | |||||||||||
| Interest expense, net of interest income | 50,026 | 47,235 | 154,946 | 138,234 | |||||||||||
| Amortization of deferred financing costs | 2,480 | 1,724 | 7,438 | 5,153 | |||||||||||
| SUMMIT Operator tax expense | 616 | 1,279 | 2,424 | 2,781 | |||||||||||
| Interest expense on senior obligations of consolidated securitization vehicles | 14,687 | 10,838 | 44,079 | 45,827 | |||||||||||
| Depreciation and amortization | 63,629 | 63,216 | 200,659 | 187,874 | |||||||||||
| Loan loss and other investment reserves, net of recoveries | — | — | — | (71,326 | ) | ||||||||||
| Transaction related costs | 228 | 13,129 | 529 | 13,601 | |||||||||||
| Marketing, general and administrative | 23,253 | 23,701 | 68,820 | 67,004 | |||||||||||
| Total expenses | 305,643 | 298,487 | 899,977 | 767,469 | |||||||||||
| Equity in net income (loss) from unconsolidated joint ventures | 26,692 | (9,287 | ) | 20,860 | (30,892 | ) | |||||||||
| Income from debt fund investments, net | 2,166 | 1,176 | 10,634 | 1,776 | |||||||||||
| Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | 86,872 | (814 | ) | 84,926 | ||||||||||
| Purchase price and other fair value adjustments | 4,261 | 11,138 | 14,106 | (8,090 | ) | ||||||||||
| Gain (loss) on sale of real estate, net | 91,445 | (1,068 | ) | 103,902 | (1,717 | ) | |||||||||
| Depreciable real estate reserves | (2,275 | ) | — | (37,435 | ) | (8,546 | ) | ||||||||
| Gain on sale of marketable securities | — | — | — | 10,232 | |||||||||||
| Net income | 89,671 | 35,161 | 1,382 | 6,799 | |||||||||||
| Net income (loss) attributable to noncontrolling interests: | |||||||||||||||
| Noncontrolling interests in the Operating Partnership | (5,797 | ) | (1,737 | ) | 3,036 | 503 | |||||||||
| Noncontrolling interests in other partnerships | (5,688 | ) | (2,658 | ) | (25,194 | ) | 3,079 | ||||||||
| Preferred units distributions | (2,256 | ) | (2,154 | ) | (6,713 | ) | (6,461 | ) | |||||||
| Net income (loss) attributable to SL Green | 75,930 | 28,612 | (27,489 | ) | 3,920 | ||||||||||
| Perpetual preferred stock dividends | (3,738 | ) | (3,738 | ) | (11,213 | ) | (11,213 | ) | |||||||
| Net income (loss) attributable to SL Green common stockholders | $ | 72,192 | $ | 24,874 | $ | (38,702 | ) | $ | (7,293 | ) | |||||
| Earnings Per Share (EPS) | |||||||||||||||
| Basic earnings (loss) per share | $ | 1.01 | $ | 0.35 | $ | (0.56 | ) | $ | (0.12 | ) | |||||
| Diluted earnings (loss) per share | $ | 1.01 | $ | 0.34 | $ | (0.56 | ) | $ | (0.12 | ) | |||||
| Funds From Operations (FFO) | |||||||||||||||
| Basic FFO per share | $ | 1.63 | $ | 1.62 | $ | 3.93 | $ | 4.72 | |||||||
| Diluted FFO per share | $ | 1.59 | $ | 1.58 | $ | 3.85 | $ | 4.60 | |||||||
| Basic ownership interest | |||||||||||||||
| Weighted average REIT common shares for net income per share | 70,441 | 70,443 | 70,598 | 70,435 | |||||||||||
| Weighted average partnership units held by noncontrolling interests | 4,610 | 3,875 | 4,814 | 3,998 | |||||||||||
| Basic weighted average shares and units outstanding | 75,051 | 74,318 | 75,412 | 74,433 | |||||||||||
| Diluted ownership interest | |||||||||||||||
| Weighted average REIT common share and common share equivalents | 71,967 | 72,553 | 72,189 | 72,442 | |||||||||||
| Weighted average partnership units held by noncontrolling interests | 4,610 | 3,875 | 4,814 | 3,998 | |||||||||||
| Diluted weighted average shares and units outstanding | 76,577 | 76,428 | 77,003 | 76,440 | |||||||||||
| SL GREEN REALTY CORP. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except per share data) | |||||||
| September 30, | December 31, | ||||||
| 2026 | 2025 | ||||||
| Assets | |||||||
| Commercial real estate properties, at cost: | |||||||
| Land and land interests | $ | 1,534,127 | $ | 1,699,215 | |||
| Building and improvements | 4,068,129 | 4,012,305 | |||||
| Building leasehold and improvements | 1,496,428 | 1,448,112 | |||||
| 7,098,684 | 7,159,632 | ||||||
| Less: accumulated depreciation | (2,333,095 | ) | (2,306,377 | ) | |||
| 4,765,589 | 4,853,255 | ||||||
| Assets held for sale | 224,249 | — | |||||
| Cash and cash equivalents | 186,439 | 155,747 | |||||
| Restricted cash | 199,507 | 180,748 | |||||
| Investment in marketable securities | 21,166 | 23,666 | |||||
| Tenant and other receivables | 64,072 | 45,524 | |||||
| Related party receivables | 17,195 | 16,293 | |||||
| Deferred rents receivable | 255,497 | 266,678 | |||||
| Debt and preferred equity investments, net of discounts and deferred origination fees of | 113,087 | 168,358 | |||||
| Investments in unconsolidated joint ventures | 2,886,984 | 2,819,778 | |||||
| Debt fund investments, at fair value | 434,219 | 152,958 | |||||
| Deferred costs, net | 121,668 | 129,019 | |||||
| Right-of-use assets - operating leases | 940,495 | 864,430 | |||||
| Real estate loans held by consolidated securitization vehicles, at fair value | 1,003,918 | 1,023,877 | |||||
| Other assets | 551,576 | 577,299 | |||||
| Total assets | $ | 11,785,661 | $ | 11,277,630 | |||
| Liabilities | |||||||
| Mortgages and other loans payable | $ | 2,216,799 | $ | 2,154,499 | |||
| Revolving credit facility | 930,000 | 640,000 | |||||
| Unsecured term loan | 1,150,000 | 1,150,000 | |||||
| Deferred financing costs, net | (29,965 | ) | (13,063 | ) | |||
| Total debt, net of deferred financing costs | 4,266,834 | 3,931,436 | |||||
| Accrued interest payable | 17,016 | 15,221 | |||||
| Accounts payable and accrued expenses | 142,846 | 134,621 | |||||
| Deferred revenue | 158,252 | 147,419 | |||||
| Lease liability - financing leases | 109,182 | 108,183 | |||||
| Lease liability - operating leases | 886,515 | 805,192 | |||||
| Dividend and distributions payable | 48,910 | 2,536 | |||||
| Security deposits | 66,859 | 68,276 | |||||
| Liabilities related to assets held for sale | 866 | — | |||||
| Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
| Senior obligations of consolidated securitization vehicles, at fair value | 1,003,918 | 1,023,877 | |||||
| Other liabilities (includes | 513,358 | 587,779 | |||||
| Total liabilities | 7,314,556 | 6,924,540 | |||||
| Commitments and contingencies | |||||||
| Noncontrolling interests in Operating Partnership | 273,718 | 241,371 | |||||
| Preferred units and redeemable equity | 203,508 | 199,271 | |||||
| Equity | |||||||
| SL Green stockholders' equity: | |||||||
| Series I Preferred Stock, | 221,932 | 221,932 | |||||
| Common stock, | 708 | 711 | |||||
| Additional paid-in capital | 4,213,109 | 4,212,590 | |||||
| Accumulated other comprehensive income (loss) | 28,201 | (22,198 | ) | ||||
| Retained deficit | (964,016 | ) | (741,880 | ) | |||
| Total SL Green Realty Corp. stockholders’ equity | 3,499,934 | 3,671,155 | |||||
| Noncontrolling interests in other partnerships | 493,945 | 241,293 | |||||
| Total equity | 3,993,879 | 3,912,448 | |||||
| Total liabilities and equity | $ | 11,785,661 | $ | 11,277,630 | |||
| SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| Funds From Operations (FFO) Reconciliation: | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income (loss) attributable to SL Green common stockholders | $ | 72,192 | $ | 24,874 | $ | (38,702 | ) | $ | (7,293 | ) | |||||
| Add: | |||||||||||||||
| Depreciation and amortization | 63,629 | 63,216 | 200,659 | 187,874 | |||||||||||
| SLG's share of unconsolidated joint ventures depreciation and amortization | 72,964 | 127,170 | 217,701 | 247,874 | |||||||||||
| Net income (loss) attributable to noncontrolling interests | 11,485 | 4,395 | 22,158 | (3,582 | ) | ||||||||||
| Less: | |||||||||||||||
| Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | 86,872 | (814 | ) | 84,926 | ||||||||||
| Purchase price and other fair value adjustments | 477 | 9,652 | 7,953 | (5,291 | ) | ||||||||||
| Gain (loss) on sale of real estate, net | 91,445 | (1,068 | ) | 103,902 | (1,717 | ) | |||||||||
| Depreciable real estate reserves | (2,275 | ) | — | (37,435 | ) | (8,546 | ) | ||||||||
| Depreciable real estate reserves in unconsolidated joint venture | — | — | — | (1,780 | ) | ||||||||||
| Depreciation on non-rental real estate assets | 1,478 | 1,628 | 4,483 | 4,312 | |||||||||||
| Noncontrolling interests in consolidated joint ventures | 7,071 | 2,186 | 27,451 | 1,526 | |||||||||||
| FFO attributable to SL Green common stockholders and unit holders | $ | 122,074 | $ | 120,385 | $ | 296,276 | $ | 351,443 | |||||||
| SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| Operating income and Same-store NOI Reconciliation: | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income | $ | 89,671 | $ | 35,161 | $ | 1,382 | $ | 6,799 | |||||||
| Depreciable real estate reserves | 2,275 | — | 37,435 | 8,546 | |||||||||||
| (Gain) Loss on sale of real estate, net | (91,445 | ) | 1,068 | (103,902 | ) | 1,717 | |||||||||
| Purchase price and other fair value adjustments | (4,261 | ) | (11,138 | ) | (14,106 | ) | 8,090 | ||||||||
| Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | (86,872 | ) | 814 | (84,926 | ) | |||||||||
| Gain on sale of marketable securities | — | — | — | (10,232 | ) | ||||||||||
| Depreciation and amortization | 63,629 | 63,216 | 200,659 | 187,874 | |||||||||||
| SUMMIT Operator tax expense | 616 | 1,279 | 2,424 | 2,781 | |||||||||||
| Amortization of deferred financing costs | 2,480 | 1,724 | 7,438 | 5,153 | |||||||||||
| Interest expense, net of interest income | 50,026 | 47,235 | 154,946 | 138,234 | |||||||||||
| Interest expense on senior obligations of consolidated securitization vehicles | 14,687 | 10,838 | 44,079 | 45,827 | |||||||||||
| Operating income | 127,678 | 62,511 | 331,169 | 309,863 | |||||||||||
| Equity in net (income) loss from unconsolidated joint ventures | (26,692 | ) | 9,287 | (20,860 | ) | 30,892 | |||||||||
| Income from debt fund investments, net | (2,166 | ) | (1,176 | ) | (10,634 | ) | (1,776 | ) | |||||||
| Marketing, general and administrative expense | 23,253 | 23,701 | 68,820 | 67,004 | |||||||||||
| Transaction related costs | 228 | 13,129 | 529 | 13,601 | |||||||||||
| Loan loss and other investment reserves, net of recoveries | — | — | — | (71,326 | ) | ||||||||||
| SUMMIT Operator expenses | 42,936 | 35,959 | 93,398 | 82,570 | |||||||||||
| Investment income | (2,615 | ) | (4,356 | ) | (7,618 | ) | (26,809 | ) | |||||||
| Interest income from real estate loans held by consolidated securitization vehicles | (14,687 | ) | (10,838 | ) | (44,079 | ) | (47,868 | ) | |||||||
| SUMMIT Operator revenue | (34,655 | ) | (32,883 | ) | (90,306 | ) | (86,424 | ) | |||||||
| Non-building revenue | (26,955 | ) | (20,271 | ) | (59,524 | ) | (40,406 | ) | |||||||
| Net operating income (NOI) | 86,325 | 75,063 | 260,895 | 229,321 | |||||||||||
| Equity in net income (loss) from unconsolidated joint ventures | 26,692 | (9,287 | ) | 20,860 | (30,892 | ) | |||||||||
| SLG's share of unconsolidated JV depreciable real estate reserves | — | — | — | 1,780 | |||||||||||
| SLG's share of unconsolidated JV depreciation and amortization | 68,880 | 66,616 | 207,074 | 194,844 | |||||||||||
| SLG's share of unconsolidated JV amortization of deferred financing costs | 4,101 | 3,558 | 12,519 | 9,856 | |||||||||||
| SLG's share of unconsolidated JV interest expense, net of interest income | 74,059 | 67,628 | 216,017 | 194,883 | |||||||||||
| SLG's share of unconsolidated JV gain on early extinguishment of debt | — | (57,187 | ) | 4,796 | (57,187 | ) | |||||||||
| SLG's share of unconsolidated JV investment income | (554 | ) | (3,963 | ) | (1,759 | ) | (13,940 | ) | |||||||
| SLG's share of unconsolidated JV loan loss and other investment reserves, net of recoveries | — | — | — | 14,531 | |||||||||||
| SLG's share of unconsolidated JV non-building revenue | (2,153 | ) | (1,645 | ) | (5,599 | ) | (5,219 | ) | |||||||
| NOI including SLG share of unconsolidated JVs | 257,350 | 140,783 | 714,803 | 537,977 | |||||||||||
| NOI from other properties/affiliates | (73,925 | ) | 30,394 | (185,804 | ) | (36,758 | ) | ||||||||
| Same-Store NOI | 183,425 | 171,177 | 528,999 | 501,219 | |||||||||||
| Straight-line and free rent | (3,462 | ) | 693 | (10,052 | ) | 1,844 | |||||||||
| Amortization of acquired above and below-market leases, net | 266 | 146 | 1,082 | 389 | |||||||||||
| Operating lease straight-line adjustment | 1,532 | 204 | 1,893 | 611 | |||||||||||
| SLG's share of unconsolidated JV straight-line and free rent | (14,003 | ) | (10,396 | ) | (32,949 | ) | (33,788 | ) | |||||||
| SLG's share of unconsolidated JV amortization of acquired above and below-market leases, net | (6,718 | ) | (6,268 | ) | (20,394 | ) | (18,498 | ) | |||||||
| Same-store cash NOI | $ | 161,040 | $ | 155,556 | $ | 468,579 | $ | 451,777 | |||||||
| Lease termination income | (387 | ) | (270 | ) | (1,128 | ) | (4,875 | ) | |||||||
| SLG's share of unconsolidated JV lease termination income | (1,001 | ) | (3,189 | ) | (7,333 | ) | (5,421 | ) | |||||||
| Same-store cash NOI excluding lease termination income | $ | 159,652 | $ | 152,097 | $ | 460,118 | $ | 441,481 | |||||||
SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
SLG-EARN
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is SL Green's updated 2026 earnings guidance?
SL Green raised 2026 FFO guidance to $6.50-$6.70 per share and net income guidance to $0.40-$0.60 per share. The FFO outlook reflects $1.10 per share of incremental hospitality-interest sale income, offset by $0.25 per share attributable to the higher interest rate environment.
When does SL Green expect the 110 Greene Street sale to close, and how will it use the proceeds?
SL Green expects the $226.0 million sale of 110 Greene Street to close in the fourth quarter of 2026, subject to customary closing conditions. Approximately $216.0 million of net cash proceeds will be used for corporate debt repayment.
What prior-year income affected SL Green's nine-month 2026 FFO comparison?
The first nine months of 2025 included $71.6 million, or $0.94 per share, of income excluding interest income related to repayment of the commercial mortgage investment at 522 Fifth Avenue. Nine-month FFO was $3.85 per share in 2026 versus $4.60 in 2025.