The massive $1.20/share FFO guidance hike signals accelerating core operations and One Vanderbilt income recognition; expect upward analyst revisions and potential multiple expansion. With stock at $51.77 (9x revised FFO midpoint), look for continued occupancy gains and leasing spreads to sustain momentum. The 10 East 53rd Street sale closing in Q3 provides ~$100M for debt paydown, further strengthening the balance sheet.
Price Chart
Executive Summary
SL Green reported Q2 2026 FFO of $1.43 per share, beating consensus of $1.19 by 20%, and raised full-year 2026 FFO guidance by $1.20 to $5.60-$5.90 per share, reflecting higher NOI, incremental fees, and One Vanderbilt income. Same-store cash NOI grew 4.3% and occupancy rose to 94.7%, the highest since 2020, while the company executed $222.6M in asset sales and repurchased $14.1M in stock. The guidance raise is the most significant positive signal in quarters, supported by accelerating leasing momentum and capital recycling.
Key Financial Metrics
Key Facts
- FFO per share $1.43 vs consensus $1.19 (beat by 20.2%)
- 2026 FFO guidance raised to $5.60-$5.90 per share from $4.40-$4.70 ($1.20 increase at midpoint)
- Manhattan same-store cash NOI up 4.3% YoY in Q2, occupancy 94.7% (highest since 2020)
- Signed 53 Manhattan office leases with mark-to-market +18.0% on replacement space
- Closed sale of 7 Dey Street for $222.6M and partial sale of 346 Madison Ave at $175M valuation
- Contracted to sell 10 East 53rd St for $312.2M, net proceeds ~$100M for debt repayment
- Repurchased $14.1M common stock at average $49.67 per share
- Consolidated fixed charge coverage remained healthy at 1.87x vs 1.50x covenant
Financial Impact
2026 FFO guidance increased by approx. $90M+ (from ~$340M at prior midpoint to ~$435M at new midpoint on ~75.7M diluted shares)
Risk Factors
- GAAP net loss widened to $(0.38) per share from $(0.16) in prior year period
- Interest expense increased to $54.0M from $45.3M YoY due to higher debt and rates
- Trailing fixed charge coverage declined to 1.55x from 1.67x a year ago
- Office market recovery remains dependent on continued Manhattan leasing demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-049346 |
| Document: a26q2earningsrelease.htm | 0001628280-26-049346 |
| Document: slg-20260722.htm | 0001628280-26-049346 |
| Document: 0001628280-26-049346-index-headers.html | 0001628280-26-049346 |
| Document: 0001628280-26-049346-index.html | 0001628280-26-049346 |
| Document: 0001628280-26-049346.txt | 0001628280-26-049346 |
| 8-K Data (Synthetic) | 0001628280-26-049346 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 23, 2026 10w ago | 8-K | $53.61 $58.10 | ▲ +8.38% | ▲ +5.07% | $48.81 (−8.95%) |
Jun 1, 2026 17w ago | Press Release | $44.74 $51.77 | ▲ +15.71% | ▲ +17.01% | $48.81 (+9.10%) |
Apr 28, 2026 22w ago | Press Release | $43.85 $45.20 | ▲ +3.08% | ▼ −2.38% | $48.81 (+11.31%) |
Apr 16, 2026 24w ago | 8-K | $20.66 $21.89 | ▼ −5.95% | ▼ −0.14% | $48.81 (−136.25%) |
Apr 15, 2026 24w ago | Press Release | $40.81 $43.23 | ▼ −5.93% | ▼ −0.11% | $48.81 (−19.60%) |
Mar 23, 2026 27w ago | Press Release | $38.10 $43.58 | ▲ +14.38% | ▲ +6.96% | $48.81 (+28.10%) |
Mar 17, 2026 28w ago | Press Release | $37.50 $41.63 | ▲ +11.01% | ▲ +6.70% | $48.81 (+30.15%) |
Mar 9, 2026 29w ago | Press Release | $38.47 $37.56 | ▼ −2.35% | ▲ +0.45% | $48.81 (+26.89%) |
Mar 4, 2026 30w ago | 8-K | $39.07 $36.06 | ▼ −7.69% | ▼ −3.90% | $48.81 (+24.94%) |
Mar 2, 2026 30w ago | Press Release | $36.94 $35.26 | ▼ −4.55% | ▲ +3.39% | $48.81 (+32.12%) |
US Market Status
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