earnings
confidence high
sentiment positive
materiality 0.75
SL Green Q3 EPS $1.01 vs $0.34; FFO $1.59; 2026 FFO guidance raised to $6.50-$6.70
SL GREEN REALTY CORP
- Q3 net income attributable to common stockholders $72.2M ($1.01/sh) vs $24.9M ($0.34) a year ago; FFO $1.59/sh vs $1.58. Nine-month net loss $38.7M (-$0.56/sh) vs -$7.3M.
- 2026 FFO guidance raised to $6.50-$6.70 from $5.60-$5.90 and net income to $0.40-$0.60 from $0.20-$0.50, reflecting +$1.10/sh from the 20% hospitality JV sale offset by -$0.25/sh from higher rates.
- 38 Manhattan office leases signed in Q3 totaling 591,108 sf at average rent $105.75/sf; replacement leases marked up 13.6%. Nine-month total 142 leases, 1,965,533 sf, +15.7% mark-to-market.
- Manhattan same-store occupancy 95.0% vs 92.9% at year-end 2025; same-store cash NOI up 5.0% in Q3 and 4.2% for nine months, excluding lease termination income.
- October $2.0B five-year refinancing of 245 Park Avenue at 6.52% (SLG share hedged to 6.37%); contract to sell 110 Greene Street for $226.0M, ~$216.0M net proceeds for debt repayment.