Despite operational strength in leasing and capital markets activity, the sharp FFO decline and large earnings miss reflect structural pressures in Manhattan office real estate. The reaffirmed guidance may not be credible given current trends. Monitor occupancy trajectory and debt maturities closely.
Price Chart
Executive Summary
SL Green Realty Corp (SLG) reported a significant earnings miss for Q1 2026, with a net loss of $1.20 per share versus consensus of $-0.95, a 39.7% miss. Despite strong leasing volume and reaffirmed FFO guidance, FFO per share dropped sharply to $0.84 from $1.40 YoY (excluding a $0.33 gain last year), signaling weakening core performance in Manhattan office real estate.
Key Financial Metrics
Key Facts
- Net loss of $1.20 per share vs. consensus estimate of $-0.95 (39.7% EPS miss)
- Funds from Operations (FFO) of $0.84 per share, down from $1.40 YoY (excluding $0.33 one-time gain in 2025)
- Reaffirmed 2026 FFO guidance of $4.40–$4.70 per share (midpoint $4.55)
- Signed 929,264 sq ft of Manhattan leases in Q1, a record for any first quarter in company history
- Manhattan same-store cash NOI up 2.6% YoY, occupancy increased to 94.4%
- Completed $1.65B refinancing of One Madison Avenue at 5.81% interest and extended $2.0B credit facility
- Entered into contract to sell 7 Dey Street residential/retail for $222.6M; closed sale of 690 Madison Ave for $54.5M
Financial Impact
EPS miss of $0.37, FFO down $0.56 YoY (normalized); $277M in asset sales and refinancing activity
Risk Factors
- Persistent weakness in office demand despite high leasing volume
- Elevated interest rates impacting refinancing costs and property valuations
- Dependence on asset sales to fund operations and dividends
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3274875 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 23, 2026 10w ago | 8-K | $53.61 $58.10 | ▲ +8.38% | ▲ +5.07% | $49.08 (−8.45%) |
Jun 1, 2026 17w ago | Press Release | $44.74 $51.77 | ▲ +15.71% | ▲ +17.01% | $49.08 (+9.70%) |
Apr 28, 2026 22w ago | Press Release | $43.85 $45.20 | ▲ +3.08% | ▼ −2.38% | $49.08 (+11.93%) |
Apr 16, 2026 24w ago | 8-K | $20.66 $21.89 | ▼ −5.95% | ▼ −0.14% | $49.08 (−137.56%) |
Apr 15, 2026 24w ago | Press Release | $40.81 $43.23 | ▼ −5.93% | ▼ −0.11% | $49.08 (−20.26%) |
Mar 23, 2026 27w ago | Press Release | $38.10 $43.58 | ▲ +14.38% | ▲ +6.96% | $49.08 (+28.81%) |
Mar 17, 2026 28w ago | Press Release | $37.50 $41.63 | ▲ +11.01% | ▲ +6.70% | $49.08 (+30.87%) |
Mar 9, 2026 29w ago | Press Release | $38.47 $37.56 | ▼ −2.35% | ▲ +0.45% | $49.08 (+27.59%) |
Mar 4, 2026 30w ago | 8-K | $39.07 $36.06 | ▼ −7.69% | ▼ −3.90% | $49.08 (+25.64%) |
Mar 2, 2026 30w ago | Press Release | $36.94 $35.26 | ▼ −4.55% | ▲ +3.39% | $49.08 (+32.86%) |
US Market Status
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