The FFO guidance raise (+14.8% at midpoint) and accelerating operational metrics (5% NOI growth, 95% occupancy, 13.6% leasing spreads) signal a sustained recovery in SLG's Manhattan office portfolio. Watch for Q4 2026 close of 110 Greene Street sale ($226M) and the December 7 institutional investor conference for further capital recycling updates.
Price Chart
Executive Summary
SL Green reported Q3 2026 FFO of $1.59 per share, in line with consensus, and GAAP net income of $1.01 per share vs $0.34 a year ago. The company raised its full-year 2026 FFO guidance from $5.60-$5.90 to $6.50-$6.70 per share, driven by incremental income from a hospitality JV interest sale and higher NOI. Manhattan same-store cash NOI grew 5.0% YoY and occupancy reached 95.0%, signaling continued operational momentum in the core portfolio.
Key Financial Metrics
Key Facts
- Q3 2026 FFO of $1.59 per share (consensus $1.59, in line)
- GAAP net income attributable to common stockholders of $72.2M ($1.01/diluted share) vs $24.9M ($0.34) in Q3 2025
- Full-year 2026 FFO guidance raised to $6.50-$6.70 per share from $5.60-$5.90
- Full-year 2026 net income guidance raised to $0.40-$0.60 per share from $0.20-$0.50
- Manhattan same-store cash NOI (incl. JV share) up 5.0% YoY in Q3, excluding lease termination income
- Manhattan same-store office occupancy (incl. signed not commenced) reached 95.0%, up from 92.9% at year-end 2025
- Signed 38 office leases totaling 591,108 SF in Q3; mark-to-market on replacement leases +13.6%
- Closed $2.0B refinancing of 245 Park Avenue at 6.52% fixed rate; SLG hedged share to 6.37%
- Closed sale of 10 East 53rd Street for $312.2M, generating $99.0M net proceeds
- Entered contract to sell 110 Greene Street for $226.0M, expected Q4 2026 close
- Debt service coverage improved to 1.80x (trailing 12 months) from 1.70x in Q2 2026
- Fixed charge coverage improved to 1.64x from 1.55x in Q2 2026
Financial Impact
FFO guidance raised by $0.85 at midpoint ($6.60 vs $5.75 prior); net income guidance raised by $0.15 at midpoint ($0.50 vs $0.35 prior)
Risk Factors
- Higher interest rate environment ($0.25/share headwind noted in guidance)
- Variable-rate debt exposure ($1.25B including JV share, 12.6% of total debt) subject to SOFR movements
- Office market fundamentals remain sensitive to macroeconomic conditions and hybrid work trends
- Pending 110 Greene Street sale subject to customary closing conditions
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066842 |
| Document: a26q3earningsrelease.htm | 0001628280-26-066842 |
| Document: slg-20261021.htm | 0001628280-26-066842 |
| Document: 0001628280-26-066842-index-headers.html | 0001628280-26-066842 |
| Document: 0001628280-26-066842-index.html | 0001628280-26-066842 |
| Document: 0001628280-26-066842.txt | 0001628280-26-066842 |
| 8-K Data (Synthetic) | 0001628280-26-066842 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $49.19 $50.14 | ▲ +1.93% | ▲ +2.45% | $50.41 (+2.48%) |
Oct 21, 2026 5d ago | Press Release | $49.19 $50.14 | ▲ +1.93% | ▲ +2.45% | $50.41 (+2.48%) |
Oct 7, 2026 19d ago | SC 13G | $48.60 $48.94 | ▲ +0.70% | ▲ +1.12% | $50.41 (+3.72%) |
Sep 18, 2026 5w ago | Press Release | $52.08 $52.94 | ▲ +1.65% | ▲ +0.10% | $50.41 (−3.21%) |
Jul 23, 2026 13w ago | 8-K | $53.61 $54.61 | ▲ +1.87% | ▲ +1.76% | $50.41 (−5.97%) |
Jun 1, 2026 21w ago | Press Release | $44.74 $45.14 | ▲ +0.89% | ▲ +0.75% | $50.41 (+12.67%) |
Apr 28, 2026 25w ago | Press Release | $43.85 $42.41 | ▼ −3.28% | ▼ −3.27% | $50.41 (+14.96%) |
Apr 16, 2026 27w ago | 8-K | $20.66 $20.81 | ▼ −0.73% | ▲ +0.49% | $50.41 (−144.00%) |
Apr 15, 2026 27w ago | Press Release | $40.81 $43.28 | ▼ −6.05% | ▼ −4.84% | $50.41 (−23.52%) |
Mar 23, 2026 31w ago | Press Release | $38.10 $37.28 | ▼ −2.17% | ▼ −1.81% | $50.41 (+32.30%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers