The raised FFO guidance and strong leasing spreads (13.6% mark-to-market) confirm improving fundamentals in SL Green's Manhattan office portfolio. Monitor Q4 2026 for the closing of the 110 Greene Street sale and further debt fund deployment, which could provide additional capital for debt reduction or reinvestment.
Price Chart
Executive Summary
SL Green reported Q3 2026 FFO of $1.59 per share, in line with the $1.59 consensus, and net income of $1.01 per share. The company raised its full-year 2026 FFO guidance from $5.60-$5.90 to $6.50-$6.70 per share, driven by a $1.10/share gain from a hospitality JV sale. Manhattan same-store cash NOI grew 5.0% and office occupancy rose to 95.0%, signaling continued operational strength in the core portfolio.
Key Financial Metrics
Key Facts
- Q3 2026 FFO of $1.59 per share, in line with consensus of $1.59
- Full-year 2026 FFO guidance raised to $6.50-$6.70 per share from $5.60-$5.90
- Net income attributable to common stockholders of $1.01 per share vs $0.34 in Q3 2025
- Manhattan same-store cash NOI increased 5.0% YoY, excluding lease termination income
- Manhattan same-store office occupancy increased to 95.0% from 92.9% at year-end 2025
- Signed 38 Manhattan office leases totaling 591,108 square feet in Q3
- Mark-to-market on signed replacement leases was 13.6% higher than prior rents
- Closed on sale of 10 East 53rd Street for $312.2M, net proceeds of $99.0M
- Entered contract to sell 110 Greene Street for $226.0M, expected to close in Q4 2026
- Closed on $2.0B refinancing of 245 Park Avenue at 6.52% fixed rate
Financial Impact
FFO guidance raised by $0.85 at the midpoint ($6.60 vs $5.75), driven by $1.10/share incremental income from hospitality JV sale partially offset by $0.25/share from higher interest rates
Risk Factors
- Higher interest rate environment partially offsetting guidance gains ($0.25/share headwind)
- Net loss of $38.7M for the first nine months of 2026 vs $7.3M loss in prior year period
- Dependence on asset sales and JV transactions for near-term FFO growth
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3385944 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 3d ago | 8-K | $49.19 $50.14 | ▲ +1.93% | ▲ +2.45% | $50.60 (+2.87%) |
Oct 21, 2026 4d ago | Press Release | $49.19 $50.14 | ▲ +1.93% | ▲ +2.45% | $50.60 (+2.87%) |
Oct 7, 2026 18d ago | SC 13G | $48.60 $48.94 | ▲ +0.70% | ▲ +1.12% | $50.60 (+4.12%) |
Sep 18, 2026 5w ago | Press Release | $52.08 $52.94 | ▲ +1.65% | ▲ +0.10% | $50.60 (−2.84%) |
Jul 23, 2026 13w ago | 8-K | $53.61 $54.61 | ▲ +1.87% | ▲ +1.76% | $50.60 (−5.61%) |
Jun 1, 2026 21w ago | Press Release | $44.74 $45.14 | ▲ +0.89% | ▲ +0.75% | $50.60 (+13.10%) |
Apr 28, 2026 25w ago | Press Release | $43.85 $42.41 | ▼ −3.28% | ▼ −3.27% | $50.60 (+15.39%) |
Apr 16, 2026 27w ago | 8-K | $20.66 $20.81 | ▼ −0.73% | ▲ +0.49% | $50.60 (−144.92%) |
Apr 15, 2026 27w ago | Press Release | $40.81 $43.28 | ▼ −6.05% | ▼ −4.84% | $50.60 (−23.99%) |
Mar 23, 2026 31w ago | Press Release | $38.10 $37.28 | ▼ −2.17% | ▼ −1.81% | $50.60 (+32.80%) |
US Market Status
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