SL Green Lifts 2026 FFO Guidance by 27% on Robust Manhattan Leasing and Asset Sales
SLG sits 52% above its 52-week low of $34.77.
Summary
SL Green reported Q2 2026 FFO of $1.43 per share and raised full-year FFO guidance by 27% to $5.60–$5.90, driven by strong Manhattan leasing, higher NOI, and asset sale gains.
Key Events · Earnings and Guidance · SLG
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FFO Guidance Raised 27%
Full-year 2026 FFO guidance was lifted to $5.60–$5.90 per share from $4.40–$4.70, a $1.20 per share midpoint raise. The increase breaks down into $0.40 from higher NOI and fees and $0.80 from additional One Vanderbilt income.
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Q2 FFO of $1.43 Per Share
Q2 2026 FFO came in at $1.43 per share, down from $1.63 in Q2 2025, which had included a $0.61 per share one-time gain from a mortgage investment repayment.
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Manhattan Leasing Strength
During Q2, 53 Manhattan office leases were signed, covering 445,161 sq ft, with mark-to-market rent increases of 18.0% on replacement leases. Same-store cash NOI rose 4.3% year-over-year.
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Asset Sales Generate Liquidity
The company closed sales of 7 Dey Street ($222.6M) and a 49% JV interest in 346 Madison Avenue ($175M), and entered a contract to sell 10 East 53rd Street for $312.2M, with proceeds earmarked for debt repayment.
Analysis · SLG · Real Estate & Construction
SL Green posted Q2 FFO of $1.43 per share, down from $1.63 a year ago because the prior period included a one-time gain, but the company raised full-year 2026 FFO guidance to $5.60–$5.90 from $4.40–$4.70 — a $1.20 per share increase at the midpoint. The upgrade reflects higher NOI from the portfolio, incremental fees, and additional income from One Vanderbilt Avenue. Manhattan same-store cash NOI grew 4.3% year-over-year, and occupancy reached 94.7%. The company also closed two asset sales totaling nearly $400 million in gross consideration and entered a contract to sell another property for $312 million, generating significant cash proceeds for debt repayment. These results and the guidance raise signal improving fundamentals in the New York office market and effective capital recycling.
At the time of this filing, SLG was trading at $52.87 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $34.77 to $66.29. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.