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SL Green Realty Corp. (SLG) Q2 2026 Earnings Call July 23, 2026 2:00 PM EDT

Company Participants

Marc Holliday - Chairman & CEO
Matthew Diliberto - Chief Financial Officer
Steven Durels - Executive VP and Director of Leasing & Real Property
Harrison Sitomer - President & Chief Investment Officer
Robert DeWitt

Conference Call Participants

Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Alexander Goldfarb - Piper Sandler & Co., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Thomas Catherwood
John Kim - BMO Capital Markets Equity Research
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Peter Abramowitz - Deutsche Bank AG, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Seth Bergey - Citigroup Inc., Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Ronald Kamdem - Morgan Stanley, Research Division
Brendan Lynch - Barclays Bank PLC, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Michael Lewis - Truist Securities, Inc., Research Division

Presentation

Operator

Thank you, everybody, for joining us, and welcome to SL Green Realty Corp. Second Quarter 2026 Earnings Results Conference Call. This conference call is being recorded. At this time, the company would like to remind listeners that during the call, management may make forward-looking statements. You should not rely on forward-looking statements as predictions of future events as actual results and events may differ from any forward-looking statements that management may make today.

All forward-looking statements made by management on this call are based on their assumptions and beliefs as of today. Additional information regarding the risks, uncertainties and other factors that could cause such differences to appear are set forth in the risk factors and MD&A sections of the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission.

Also, during today's conference call, the company may discuss non-GAAP financial

SL Green (SLG - Free Report) came out with quarterly funds from operations (FFO) of $1.43 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to FFO of $1.63 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +20.17%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.06 per share when it actually produced FFO of $0.84, delivering a surprise of -20.75%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

SL Green, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $171.85 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $147.54 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

SL Green shares have added about 10.8% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for SL Green?While SL Green has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SL Green was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.16 on $174.14 million in revenues for the coming quarter and $4.61 on $687.33 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Rexford Industrial (REXR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.

This industrial real estate investment trust is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +1.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Rexford Industrial's revenues are expected to be $246.07 million, down 1.4% from the year-ago quarter.

Financial and Operating Highlights

Net loss attributable to common stockholders of $0.38 per share for the second quarter of 2026 as compared to net loss of $0.16 per share for the same period in 2025.Funds from operations ("FFO") of $1.43 per share for the second quarter of 2026. The Company reported FFO of $1.63 per share for the second quarter of 2025, which included $46.6 million, or $0.61 per share, of income related to the resolution of a commercial mortgage investment.The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher net operating income ("NOI") from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share. Signed 53 Manhattan office leases totaling 445,161 square feet in the second quarter of 2026 and 104 Manhattan office leases totaling 1,374,425 square feet for the first six months of 2026. The mark-to-market on signed Manhattan office leases was 18.0% higher for the second quarter and 16.6% higher for the first six months than the previous fully escalated rents on the same spaces.Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.Manhattan same-store office occupancy increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026. Investing Highlights

Closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million.Closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue at a gross valuation of $175.0 million. The Company received net cash proceeds of $94.9 million.Entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.Repurchased $14.1 million of common stock during the second quarter at an average price of $49.67 per share. NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2026 of $26.5 million, or $0.38 per share, as compared to a net loss of $11.1 million, or $0.16 per share, for the same period in 2025.

The Company reported a net loss attributable to common stockholders for the six months ended June 30, 2026 of $110.9 million and $1.58 per share as compared to net loss of $32.2 million and $0.47 per share for the same period in 2025.

The Company reported FFO for the quarter ended June 30, 2026 of $109.6 million or $1.43 per share. The Company reported FFO of $124.5 million, or $1.63 per share, for the same period in 2025, which included $46.6 million, or $0.61 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

The Company reported FFO for the six months ended June 30, 2026 of $174.2 million and $2.26 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.4 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $231.1 million, or $3.03 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and net of $14.5 million, or $0.19 per share, of investment reserves and $4.3 million, or $0.06 per share, of negative non-cash fair value adjustments on mark-to-market derivatives.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.

During the second quarter of 2026, the Company signed 53 office leases in its Manhattan office portfolio totaling 445,161 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2026 was $93.17 per rentable square foot, with an average lease term of 5.8 years and average tenant concessions of 4.5 months of free rent with a tenant improvement allowance of $58.77 per rentable square foot. Thirty-two leases comprising 308,680 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $98.42 per rentable square foot, representing a 18.0% increase over the previous fully escalated rents on the same office spaces.

During the six months ended June 30, 2026, the Company signed 104 office leases in its Manhattan office portfolio totaling 1,374,425 square feet. The average rent on the Manhattan office leases signed in 2026 was $101.25 per rentable square foot with an average lease term of 8.5 years and average tenant concessions of 8.8 months of free rent with a tenant improvement allowance of $91.89 per rentable square foot. Sixty-six leases comprising 975,470 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $109.59 per rentable square foot, representing a 16.6% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced, as compared to 94.4% at the end of the previous quarter and 93.0% at the end of 2025. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.

Significant leasing activity in the second quarter and to date in the third quarter includes:

In July, a new lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;New expansion lease with Houlihan Lokey, Inc. for 37,611 square feet at 245 Park Avenue;New lease with Ryan Specialty LLC for 29,166 square feet at 1185 Avenue of the Americas;New lease with Solil Management, LLC for 27,508 square feet at 1185 Avenue of the Americas;New lease with Fidelity National Title Insurance for 19,966 square feet at 711 Third Avenue;New lease with Kohlberg & Co., L.L.C for 18,820 square feet at 500 Park Avenue. Investment Activity

In May, the Company closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million and retained ownership of the 21,000 square foot office condominium.

In May, the Company closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million and received net cash proceeds of $94.9 million. The Company will retain a 51.0% interest in the project and will serve as the development and leasing manager. The project will be a collaboration between the Company and Mori Building Co., Ltd., uniting the collective vision, design capabilities and development expertise of both firms.

In May, the Company entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction, which is expected to close in the third quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $100.0 million that will be used for corporate debt repayment.

Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.

During the second quarter of 2026, the Company repurchased $14.1 million of common stock at an average price of $49.67 per share.

Earnings Guidance

The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher NOI from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share.

Dividends

In the second quarter of 2026, the Company declared:

A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2026 through and including July 14, 2026, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share. Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 2026, at 2:00 p.m. ET to discuss the financial results.

Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”

The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIad64200b18bd402aac10eccae2eddc08.

Company Profile

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.

To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at [email protected].

Disclaimers

Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
     Three Months Ended Six Months Ended June 30, June 30,Revenues: 2026   2025   2026   2025        Rental revenue, net$171,846  $147,535  $337,841  $292,053 Escalation and reimbursement revenues 20,036   17,702   40,917   36,203 SUMMIT Operator revenue 31,509   31,007   55,651   53,541 Investment income 2,657   6,339   5,003   22,453 Interest income from real estate loans held by consolidated securitization vehicles 14,743   21,049   29,392   37,030 Fee income 19,435   12,216   39,441   24,491 Other income 3,775   6,068   8,836   15,991 Total revenues 264,001   241,916   517,081   481,762 Expenses:       Operating expenses, including related party expenses of $4 and $6 in 2026 and $0 and $3 in 2025 60,250   51,105   121,707   107,167 Real estate taxes 42,435   37,750   84,347   74,967 Operating lease rent 6,898   6,105   13,842   12,211 SUMMIT Operator expenses 25,520   24,847   50,462   46,611 Interest expense, net of interest income 54,011   45,318   104,920   90,999 Amortization of deferred financing costs 2,156   1,742   4,958   3,429 SUMMIT Operator tax expense 1,223   1,547   1,808   1,502 Interest expense on senior obligations of consolidated securitization vehicles 14,743   21,017   29,392   34,989 Depreciation and amortization 67,279   60,160   137,030   124,658 Loan loss and other investment reserves, net of recoveries —   (46,287)  —   (71,326)Transaction related costs 17   177   301   472 Marketing, general and administrative 22,781   21,579   45,567   43,303 Total expenses 297,313   225,060   594,334   468,982         Equity in net income (loss) from unconsolidated joint ventures 14,948   (22,775)  (5,832)  (21,605)Income from debt fund investments, net 5,990   600   8,468   600 Equity in net loss on sale of interest in unconsolidated joint venture/real estate —   (1,946)  (814)  (1,946)Purchase price and other fair value adjustments 5,662   (9,617)  9,845   (19,228)(Loss) gain on sale of real estate, net (4,179)  (167)  12,457   (649)Depreciable real estate reserves —   —   (35,160)  (8,546)Gain on sale of marketable securities —   10,232   —   10,232 Net loss (10,891)  (6,817)  (88,289)  (28,362)Net income (loss) attributable to noncontrolling interests:       Noncontrolling interests in the Operating Partnership 2,155   775   8,833   2,240 Noncontrolling interests in other partnerships (11,772)  840   (19,506)  5,737 Preferred units distributions (2,258)  (2,153)  (4,457)  (4,307)Net loss attributable to SL Green (22,766)  (7,355)  (103,419)  (24,692)Perpetual preferred stock dividends (3,737)  (3,737)  (7,475)  (7,475)Net loss attributable to SL Green common stockholders$(26,503) $(11,092) $(110,894) $(32,167)Earnings Per Share (EPS)       Basic loss per share$(0.38) $(0.16) $(1.58) $(0.47)Diluted loss per share$(0.38) $(0.16) $(1.58) $(0.47)        Funds From Operations (FFO)       Basic FFO per share$1.45  $1.67  $2.30  $3.10 Diluted FFO per share$1.43  $1.63  $2.26  $3.03         Basic ownership interest       Weighted average REIT common shares for net income per share 70,669   70,436   70,678   70,430 Weighted average partnership units held by noncontrolling interests 4,856   4,019   4,918   4,061 Basic weighted average shares and units outstanding 75,525   74,455   75,596   74,491         Diluted ownership interest       Weighted average REIT common share and common share equivalents 72,018   72,259   72,187   72,306 Weighted average partnership units held by noncontrolling interests 4,856   4,019   4,918   4,061 Diluted weighted average shares and units outstanding 76,874   76,278   77,105   76,367  SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except per share data)
     June 30, December 31,  2026   2025 Assets   Commercial real estate properties, at cost:   Land and land interests$1,579,973  $1,699,215 Building and improvements 4,272,142   4,012,305 Building leasehold and improvements 1,478,991   1,448,112   7,331,106   7,159,632 Less: accumulated depreciation (2,359,905)  (2,306,377)  4,971,201   4,853,255 Assets held for sale 214,586   — Cash and cash equivalents 180,788   155,747 Restricted cash 200,961   180,748 Investment in marketable securities 21,273   23,666 Tenant and other receivables 60,180   45,524 Related party receivables 13,867   16,293 Deferred rents receivable 262,008   266,678 Debt and preferred equity investments, net of discounts and deferred origination fees of $3 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively 113,085   168,358 Investments in unconsolidated joint ventures 2,849,912   2,819,778 Debt fund investments, at fair value 379,004   152,958 Deferred costs, net 126,621   129,019 Right-of-use assets - operating leases 902,113   864,430 Real estate loans held by consolidated securitization vehicles, at fair value 1,031,212   1,023,877 Other assets 482,190   577,299 Total assets$11,809,001  $11,277,630     Liabilities   Mortgages and other loans payable$2,244,805  $2,154,499 Revolving credit facility 850,000   640,000 Unsecured term loan 1,150,000   1,150,000 Deferred financing costs, net (32,386)  (13,063)Total debt, net of deferred financing costs 4,212,419   3,931,436 Accrued interest payable 17,637   15,221 Accounts payable and accrued expenses 129,346   134,621 Deferred revenue 154,999   147,419 Lease liability - financing leases 108,847   108,183 Lease liability - operating leases 844,823   805,192 Dividend and distributions payable 49,009   2,536 Security deposits 70,515   68,276 Liabilities related to assets held for sale 218,333   — Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000   100,000 Senior obligations of consolidated securitization vehicles, at fair value 1,031,212   1,023,877 Other liabilities (includes $167,213 and $244,941 at fair value as of June 30, 2026 and December 31, 2025, respectively) 453,851   587,779 Total liabilities 7,390,991   6,924,540     Commitments and contingencies   Noncontrolling interests in Operating Partnership 297,076   241,371 Preferred units and redeemable equity 204,344   199,271     Equity   SL Green stockholders' equity:   Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both June 30, 2026 and December 31, 2025 221,932   221,932 Common stock, $0.01 par value 160,000 shares authorized, 70,853 and 71,159 issued and outstanding at June 30, 2026 and December 31, 2025, respectively 705   711 Additional paid-in capital 4,206,490   4,212,590 Accumulated other comprehensive (income) loss 5,353   (22,198)Retained deficit (1,016,905)  (741,880)Total SL Green Realty Corp. stockholders’ equity 3,417,575   3,671,155 Noncontrolling interests in other partnerships 499,015   241,293 Total equity 3,916,590   3,912,448 Total liabilities and equity$11,809,001  $11,277,630  SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
     Three Months Ended Six Months Ended June 30, June 30,Funds From Operations (FFO) Reconciliation: 2026   2025   2026   2025         Net loss attributable to SL Green common stockholders$(26,503) $(11,092) $(110,894) $(32,167)Add:       Depreciation and amortization 67,279   60,160   137,030   124,658 Joint venture depreciation and noncontrolling interest adjustments 61,761   68,003   124,357   121,364 Net income (loss) attributable to noncontrolling interests 9,617   (1,615)  10,673   (7,977)Less:       Equity in net loss on sale of interest in unconsolidated joint venture/real estate —   (1,946)  (814)  (1,946)Purchase price and other fair value adjustments 5,252   (8,399)  7,476   (14,943)(Loss) gain on sale of real estate, net (4,179)  (167)  12,457   (649)Depreciable real estate reserves —   —   (35,160)  (8,546)Depreciable real estate reserves in unconsolidated joint venture —   —   —   (1,780)Depreciation on non-rental real estate assets 1,502   1,421   3,005   2,684 FFO attributable to SL Green common stockholders and unit holders$109,579  $124,547  $174,202  $231,058          SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)     Three Months Ended Six Months Ended June 30, June 30,Operating income and Same-store NOI Reconciliation: 2026   2025   2026   2025         Net loss$(10,891) $(6,817) $(88,289) $(28,362)        Depreciable real estate reserves —   —   35,160   8,546 Loss (gain) on sale of real estate, net 4,179   167   (12,457)  649 Purchase price and other fair value adjustments (5,662)  9,617   (9,845)  19,228 Equity in net loss on sale of interest in unconsolidated joint venture/real estate —   1,946   814   1,946 Gain on sale of marketable securities —   (10,232)  —   (10,232)Depreciation and amortization 67,279   60,160   137,030   124,658 SUMMIT Operator tax expense 1,223   1,547   1,808   1,502 Amortization of deferred financing costs 2,156   1,742   4,958   3,429 Interest expense, net of interest income 54,011   45,318   104,920   90,999 Interest expense on senior obligations of consolidated securitization vehicles 14,743   21,017   29,392   34,989 Operating income 127,038   124,465   203,491   247,352         Equity in net (income) loss from unconsolidated joint ventures (14,948)  22,775   5,832   21,605 Income from debt fund investments, net (5,990)  (600)  (8,468)  (600)Marketing, general and administrative expense 22,781   21,579   45,567   43,303 Transaction related costs 17   177   301   472 Loan loss and other investment reserves, net of recoveries —   (46,287)  —   (71,326)SUMMIT Operator expenses 25,520   24,847   50,462   46,611 Investment income (2,657)  (6,339)  (5,003)  (22,453)Interest income from real estate loans held by consolidated securitization vehicles (14,743)  (21,049)  (29,392)  (37,030)SUMMIT Operator revenue (31,509)  (31,007)  (55,651)  (53,541)Non-building revenue (14,689)  (9,647)  (32,568)  (20,135)Net operating income (NOI) 90,820   78,914   174,571   154,258         Equity in net income (loss) from unconsolidated joint ventures 14,948   (22,775)  (5,832)  (21,605)SLG share of unconsolidated JV depreciable real estate reserves —   —   —   1,780 SLG share of unconsolidated JV depreciation and amortization 70,555   65,153   138,194   128,228 SLG share of unconsolidated JV amortization of deferred financing costs 3,962   3,107   8,418   6,298 SLG share of unconsolidated JV interest expense, net of interest income 71,826   64,290   141,958   127,255 SLG share of unconsolidated JV gain on early extinguishment of debt —   —   4,796   — SLG share of unconsolidated JV investment income (781)  (5,059)  (1,205)  (9,977)SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries —   14,531   —   14,531 SLG share of unconsolidated JV non-building revenue (3,047)  (2,280)  (3,445)  (3,572)NOI including SLG share of unconsolidated JVs 248,283   195,881   457,455   397,196         NOI from other properties/affiliates (66,862)  (22,039)  (103,661)  (58,503)Same-Store NOI 181,421   173,842   353,794   338,693         Straight-line and free rent (4,171)  (726)  (7,612)  567 Amortization of acquired above and below-market leases, net 1,084   863   2,230   1,775 Operating lease straight-line adjustment 157   204   361   408 SLG share of unconsolidated JV straight-line and free rent (9,424)  (13,100)  (18,946)  (23,392)SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (7,216)  (6,190)  (13,676)  (12,231)Same-store cash NOI$161,851  $154,893  $316,151  $305,820         Lease termination income (1,097)  (242)  (741)  (4,635)SLG share of unconsolidated JV lease termination income (1,706)  (2,232)  (6,332)  (2,232)Same-store cash NOI excluding lease termination income$159,048  $152,419  $309,078  $298,953  SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES  Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.

FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.

The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

SLG-EARN

SUMMIT Entertainment Ventures to bring observatory experience to Tokyo July 16, 2026 18:37 ET  | Source: SL Green Realty Corp

NEW YORK, July 16, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that SUMMIT Entertainment Ventures (SEV), the joint venture between SL Green and acclaimed artist Kenzo Digital, has reached an agreement to bring its world-renowned SUMMIT immersive observatory experience to the world’s third largest city, Tokyo. This destination will mark the second location announced as part of SEV's growing global portfolio, following on the heels of the success of SUMMIT One Vanderbilt in Manhattan and the opening of SUMMIT Paris anticipated in June 2027.

“Bringing the world-famous SUMMIT experience from New York City to Tokyo marks a monumental milestone for SL Green and our partnership with Kenzo Digital in one of the greatest cities in the world,” says Robert Schiffer, Executive Vice President, Development, SL Green. “The SUMMIT experience opening in Paris, and soon coming to Tokyo, will further our mission to bring transformative experiences to the most influential cultural markets around the globe.”

Helmed by Kenzo Digital Immersive (KDI), the artist behind the original SUMMIT One Vanderbilt, SEV will bring an evolution of SUMMIT’s signature design in New York City, that has become recognizable around the world, to the capital city of Tokyo.

“I am honored by the opportunity to create meaningful new art in Tokyo,” says artist Kenzo Digital. “My goal is to design an experience that is creatively innovative while honoring the principles that are fundamental to Japanese culture. I am deeply inspired by Japan’s remarkable traditions and practices that celebrate the natural world, ideas I will explore for a powerful and unique immersive experience.”

SEV began its global expansion with the forthcoming opening of SUMMIT Paris anticipated in June 2027, with more new locations around the globe to be announced. Crowning the top floors of Paris’ Triangle Building, SUMMIT Paris will complete the iconic skyline as part of the “last skyscraper” to be built in Paris.

Since opening in 2021, the original SUMMIT One Vanderbilt in New York City has welcomed nearly 10 million visitors and earned global recognition as the World Travel Awards’ Leading Tourist Attraction in North America (2024 and 2025), Tripadvisor Travelers’ Choice Awards, USA Today’s 10Best Immersive Art Experiences, Architizer’s A+ Awards, Fast Company’s Innovation by Design Awards, ELLE Magazine’s ‘Most Instagrammable Place in the World,’ and Tiqet’s Most Innovative Venue in the U.S.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

About SUMMIT Entertainment Ventures (SEV)
SUMMIT Entertainment Ventures (SEV) is a global immersive experience business, offering end-to-end expertise across consultancy, experiential design, and operations — partnering with leading destinations to build, launch, and manage world-class experiential venues.

Forward Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

PRESS CONTACT
[email protected]

SLG-GEN

Conference Call to Be Held on July 23, 2026 at 2:00pm ET June 22, 2026 07:30 ET  | Source: SL Green Realty Corp

NEW YORK, June 22, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it will release its earnings for the second quarter of 2026 on Wednesday, July 22, 2026 after market close.

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 2026 at 2:00pm ET to discuss the financial results.

Simultaneous with the earnings release, supplemental data will be made available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Financial Reports”.

The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com under “Presentations & Webcasts”.

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIad64200b18bd402aac10eccae2eddc08.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

PRESS CONTACT
[email protected]

SLG-EARN

SL Green (SLG - Free Report) came out with quarterly funds from operations (FFO) of $0.84 per share, missing the Zacks Consensus Estimate of $1.06 per share. This compares to FFO of $1.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of -20.46%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.1 per share when it actually produced FFO of $1.13, delivering a surprise of +2.73%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

SL Green, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $166 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.83%. This compares to year-ago revenues of $144.52 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

SL Green shares have lost about 11.4% since the beginning of the year versus the S&P 500's gain of 1.8%.

What's Next for SL Green?While SL Green has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SL Green was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.21 on $162.67 million in revenues for the coming quarter and $4.64 on $652.04 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Chatham Lodging (CLDT - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This real estate investment trust is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +7.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Chatham Lodging's revenues are expected to be $64.88 million, down 5.5% from the year-ago quarter.

Key Takeaways SL Green Q1 2026 FFO per share fell to 84 cents, missing consensus despite higher net rental revenue.Leasing hit a 28-year first-quarter record: 51 Manhattan leases, 929k sq ft, avg rent $105.12.SL Green reaffirmed 2026 FFO guidance of $4.40-$4.70 and set a 2026 ordinary dividend of $2.47/share. SL Green Realty Corp. (SLG - Free Report) delivered first-quarter 2026 funds from operations (FFO) per share of 84 cents, down 40% from $1.40 in the year-ago quarter. The figure missed the Zacks Consensus Estimate of $1.06, translating into a negative surprise of 20.8%.

Net rental revenues came in at $166 million, up 14.9% year over year and ahead of the Zacks Consensus Estimate of $163 million. The revenue beat, a 1.8% surprise, arrived alongside record first-quarter leasing volume across SLG’s Manhattan office portfolio.

While leasing activity strengthened, SL Green’s first-quarter 2026 FFO per share performance was weighed down by items embedded in FFO and a tougher year-ago comparison. The latest reported quarter included 6 cents per share of unamortized deferred financing costs and 3 cents per share of positive non-cash fair value adjustments on mark-to-market derivatives. The year-ago quarter included 33 cents per share of income tied to the resolution of a commercial mortgage investment. Nevertheless, the office REIT reaffirmed its 2026 guidance.

Following the earnings release and the FFO miss, SLG shares were down more than 2% in after-hours trading.

SLG’s Leasing Momentum Highlights Pricing and DemandLeasing was the operating bright spot in the first quarter of 2026. SLG signed 51 Manhattan office leases totaling 929,264 square feet, marking the highest first-quarter volume in the company’s 28-year history. The average rent on Manhattan office leases signed during the quarter was $105.12 per rentable square foot, with an average lease term of 9.8 years.

Replacement leasing also showed improved pricing. On space that had been occupied within the prior 12 months, SLG reported a 16.1% mark-to-market increase versus the previous fully escalated rents. Tenant concessions averaged 10.9 months of free rent with a tenant improvement allowance of $107.76 per rentable square foot, underscoring the mix of higher starting rents and meaningful upfront packages.

Occupancy trends moved in the right direction, too. Manhattan same-store office occupancy increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, up from 93% at the end of the prior quarter. Management expects this metric to reach 95% by Dec. 31, 2026. Significant leases during the quarter included new commitments from Clay Labs at 11 Madison Avenue and a large global investment firm at 245 Park Avenue, along with expansions from tenants such as Harvey AI Corporation and TD Securities.

Operationally, the company reported that Manhattan same-store cash net operating income (NOI), including its share from unconsolidated joint ventures, increased 2.6% year over year in the first quarter of 2026, excluding lease termination income. For investors, the metric helps connect strong leasing execution to property-level cash performance, even as corporate-level costs and other items influence bottom-line measures.

On the portfolio side, SLG entered into a contract to sell the residential and retail components of 7 Dey Street for a total consideration of $222.6 million, with closing expected in the second quarter of 2026, subject to customary conditions. The company also closed on the sale of 690 Madison Avenue for $54.5 million, generating cash proceeds to SL Green of $48.5 million.

SLG’s Capital Actions and 2026 Outlook Stay in FocusSLG’s balance sheet positioning and capital markets activity were prominent in the quarter. Cash and cash equivalents totaled $143.9 million as of March 31, 2026 compared with $155.7 million at the end of 2025. Total debt, net of deferred financing costs, stood at $4.45 billion as of Dec. 31, 2025 compared with $3.93 billion at year-end.

The company also highlighted multiple transactions aimed at reshaping funding and liquidity. Alongside its joint venture partners, SLG completed a $1.65 billion, five-year, fixed-rate refinancing of One Madison Avenue at an interest rate of 5.81%. It also refinanced, extended and reduced the overall cost of $2.0 billion of its $2.4 billion corporate credit facility, extending the $1.25 billion revolving line of credit to June 2031 and restructuring the term loan into a new $750 million facility with a June 2031 maturity, while reducing borrowing costs on both components by 25 basis points.

SL Green reaffirmed its previously announced 2026 FFO guidance range of $4.40-$4.70 per share, with a midpoint of $4.55 per share. The Zacks Consensus Estimate for the same is currently pegged at $4.64.

The company also noted that its board established an annual ordinary dividend on common stock for 2026 of $2.47 per share, a level intended to support incremental liquidity for potential investment opportunities.

SLG’s Zacks Rank and RecommendationSL Green currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs like BXP Inc. (BXP - Free Report) and Cousins Properties (CUZ - Free Report) , slated to report on April 28 and 29, respectively.

The Zacks Consensus Estimate for BXP Inc.’s first-quarter 2026 FFO per share stands at $1.58, which indicates a 3.7% dip year over year. BXP currently has a Zacks Rank #3.

The Zacks Consensus Estimate for Cousins Properties’ first-quarter 2026 FFO per share is pegged at 71 cents, which implies a 4.05% year-over-year decrease. CUZ currently carries a Zacks Rank #2 (Buy).

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Posted by Defense World Staff on Apr 17th, 2026

SL Green Realty (NYSE:SLG – Get Free Report) and Douglas Emmett (NYSE:DEI – Get Free Report) are both finance companies, but which is the better investment? We will contrast the two companies based on the strength of their profitability, earnings, dividends, analyst recommendations, risk, valuation and institutional ownership.

Institutional & Insider Ownership 90.0% of SL Green Realty shares are held by institutional investors. Comparatively, 97.4% of Douglas Emmett shares are held by institutional investors. 5.0% of SL Green Realty shares are held by insiders. Comparatively, 15.1% of Douglas Emmett shares are held by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth.

Earnings & Valuation This table compares SL Green Realty and Douglas Emmett”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio SL Green Realty $1.00 billion 2.91 -$88.28 million ($1.61) -25.38 Douglas Emmett $1.00 billion 1.71 $16.27 million $0.09 113.72 Douglas Emmett has higher revenue and earnings than SL Green Realty. SL Green Realty is trading at a lower price-to-earnings ratio than Douglas Emmett, indicating that it is currently the more affordable of the two stocks.

Risk and Volatility SL Green Realty has a beta of 1.61, suggesting that its share price is 61% more volatile than the S&P 500. Comparatively, Douglas Emmett has a beta of 1.11, suggesting that its share price is 11% more volatile than the S&P 500.

Analyst Recommendations This is a breakdown of current ratings for SL Green Realty and Douglas Emmett, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score SL Green Realty 2 9 8 0 2.32 Douglas Emmett 1 8 1 0 2.00 SL Green Realty currently has a consensus target price of $51.45, indicating a potential upside of 25.91%. Douglas Emmett has a consensus target price of $12.94, indicating a potential upside of 26.40%. Given Douglas Emmett’s higher probable upside, analysts clearly believe Douglas Emmett is more favorable than SL Green Realty.

Dividends SL Green Realty pays an annual dividend of $2.47 per share and has a dividend yield of 6.0%. Douglas Emmett pays an annual dividend of $0.76 per share and has a dividend yield of 7.4%. SL Green Realty pays out -153.4% of its earnings in the form of a dividend. Douglas Emmett pays out 844.4% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. SL Green Realty has raised its dividend for 1 consecutive years.

Profitability This table compares SL Green Realty and Douglas Emmett’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets SL Green Realty -15.77% -4.05% -1.44% Douglas Emmett 1.62% 0.46% 0.17% Summary Douglas Emmett beats SL Green Realty on 11 of the 17 factors compared between the two stocks.

About SL Green Realty (Get Free Report)

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet. This included ownership interests in 26.3 million square feet of Manhattan buildings and 7.2 million square feet securing debt and preferred equity investments.

About Douglas Emmett (Get Free Report)

Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.

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SL Green Realty remains a Buy, with aggressive leasing, a solid portfolio, and risks already reflected in its valuation. SLG achieved record Q1 leasing and strong mark-to-market spreads, and expects same-store occupancy to reach 95% by year-end. A 20% dividend cut frees up ~$50 million for accretive uses, while refinancing efforts reduce borrowing costs and extend maturities.

Key Takeaways Ventas Q1 normalized FFO hit 94 cents, up 9.3% year over year and above estimates.SHOP occupancy rose 310 bps to 90.4%, while RevPOR increased 5% to $5,512.Ventas raised 2026 FFO guidance to $3.82-$3.89 and lifted senior housing investments to $3B. Ventas, Inc. (VTR - Free Report) delivered first-quarter 2026 normalized funds from operations (FFO) per share of 94 cents, beating the Zacks Consensus Estimate of 91 cents by 3.3%. The metric increased 9.3% from 86 cents in the prior-year quarter.

Revenues came in at $1.66 billion, up 22% year over year and above the Zacks Consensus Estimate of $1.54 billion by 4.58%. Results were powered by the senior housing operating portfolio (SHOP), while the company ended the quarter with $5.5 billion of liquidity.

VTR’s Revenue Mix Shift Drove the Q1 UpsideA key theme in the quarter was the mix shift toward senior housing revenue. Resident fees and services rose to $1.29 billion from $968.9 million a year ago, reflecting a 33.4% year-over-year jump and driving most of the topline expansion.

In contrast, rental income from triple-net leased properties declined 21.2% year over year to $123.1 million. Rental income from the outpatient medical and research (OM&R) portfolio grew 4% year over year to $230.1 million, providing incremental support alongside the expansion in resident fees.

VTR’s SHOP Operations Showed Strong Demand TrendsWithin SHOP, same-store operating metrics pointed to improving demand and pricing. Same-store average unit occupancy increased 310 basis points (bps) year over year to 90.4%, while average monthly Revenues per Occupied Room (RevPOR) grew 5% to $5,512.

Revenue growth was paired with manageable cost pressure. Same-store SHOP operating expenses increased 5.8% year over year to $616.9 million, while management fees rose 9.9% to $51 million. The combined effect was an expansion in same-store cash net operating income (NOI) margin to 30.0%, up 170 bps year over year.

VTR’s Same-Store Cash NOI Increased Across SegmentsAt the total company level, same-store cash NOI increased 8.7% year over year to $543.1 million, supported by gains in each major segment. SHOP same-store cash NOI increased 15.4% to $286.9 million, remaining the major contributor to growth.

The OM&R portfolio also posted improvement, with same-store cash NOI rising 2.4% year over year to $141.4 million. The triple-net leased portfolio showed modest growth, with same-store cash NOI up 1.6% year over year to $114.9 million.

VTR Maintained Balance Sheet Capacity for GrowthVentas exited the quarter with net debt to further adjusted EBITDA of 5.0x, reflecting continued balance-sheet improvement alongside growth in SHOP NOI and equity-funded senior housing investments. The company reported $5.5 billion of liquidity as of March 31, 2026, supporting Ventas’s growth and financial flexibility.

Funding actions during the quarter were meaningful. Ventas settled 10.6 million shares under equity forward sales agreements for net proceeds of $0.8 billion, and noted $1.6 billion of unsettled equity forward sales agreements outstanding, bringing total equity capital raised toward expected 2026 investment activity to $2.4 billion. Cash and cash equivalents were $183.6 million at quarter-end.

VTR Raises 2026 Guidance and Steps Up Investment PlanManagement lifted its 2026 outlook following the strong start to the year. Normalized FFO per share guidance was raised to a range of $3.82-$3.89, with the midpoint increased to $3.86 from $3.83 previously. The Zacks Consensus Estimate of $3.85 lies within the guided range.

Ventas increased its 2026 senior housing investment volume expectation to $3 billion from $2.5 billion.

The increase in the company’s guidance is primarily the result of higher property performance led by SHOP and accretion from investment activity, partly offset by market expectations for higher interest rates.

VTR’s Zacks RankVentas currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other REITsSL Green Realty Corp. (SLG - Free Report) delivered first-quarter 2026 FFO per share of 84 cents, down 40% from $1.40 in the year-ago quarter. The figure missed the Zacks Consensus Estimate of $1.06.

Net rental revenues came in at $166 million, up 14.9% year over year and ahead of the Zacks Consensus Estimate of $163 million. The revenue beat arrived alongside record first-quarter leasing volume across SLG’s Manhattan office portfolio.

Prologis, Inc. (PLD - Free Report) posted first-quarter 2026 core FFO per share of $1.50, up 5.6% from $1.42 a year ago. The figure beat the Zacks Consensus Estimate of $1.48 by 1.49%.

Rental revenues came in at $2.13 billion, increasing 6.9% year over year. The top line also topped the Zacks Consensus Estimate of $2.10 billion, with a 1.12% surprise. Results were supported by robust leasing activity.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Key Takeaways SL Green signed a record 929,264 square feet of Manhattan office leases in the first quarter of 2026.SLG's Manhattan same-store office occupancy rose 140 basis points year over year to 94.4%.SL Green sold 690 Madison Avenue for $54.5 million to sharpen its Manhattan-focused portfolio. SL Green Realty (SLG - Free Report) shares have risen 13% over the past three months compared with the industry's growth of 4.3%.

The company’s Manhattan-focused portfolio is benefiting from tightening availability in premium office submarkets. Its long-term leases and a diverse tenant base assure stable rental revenues. A focus on an opportunistic investment policy to enhance portfolio quality is encouraging.

Last month, SL Green announced that it secured the asset management assignment to launch leasing at 15 Laight Street, a 109,000-square-foot, newly built boutique office property in Tribeca, NY, owned by Hyundai Motor Group.

Analysts seem bullish on this Zacks Rank #3 (Hold) company, with the Zacks Consensus Estimate for its 2026 FFO per share revised northward by a cent over the past month to $4.65.

Image Source: Zacks Investment Research

Factors Behind SLG's Stock Price Surge: Will This Trend Last?SL Green has a mono-market strategy focus, with an enviable footprint in the large and high-barrier-to-entry New York real estate market. Office demand for high-quality space in Manhattan continues to favor landlords with well-located, amenitized assets. In the first quarter of 2026, SL Green signed 51 Manhattan office leases totaling 929,264 square feet, the highest first-quarter volume in its history. Manhattan same-store office leased occupancy also increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, up 140 basis points year over year.

The company maintains a diversified tenant base to hedge the risk associated with dependency on single-industry tenants. As of March 31, 2026, no tenant in the company’s portfolio accounted for more than 5% of its share of annualized cash rent, including its share of joint venture annualized cash rent. With long-term leases to tenants with strong credit profiles, the REIT is well-poised to generate stable rental revenues over the long term.

SL Green has been following an opportunistic investment policy to enhance its overall portfolio quality. In February 2026, SL Green and its joint venture partner sold 690 Madison Avenue for $54.5 million, generating $48.5 million of cash proceeds to the company. Over the years, the large-scale suburban asset sale has helped it narrow its focus on the Manhattan market, as well as retain premium and highest-growth assets in the portfolio.

Key Risks for SLGCompetition for tenants still requires meaningful concessions, which can mute net effective rent growth, even as headline rents rise.

SL Green remains highly concentrated in New York City, with the core portfolio anchored in Manhattan office properties. This concentration increases downside risk if the New York office cycle weakens or if leasing momentum slows after the current wave of demand.

The balance sheet remains levered, keeping earnings exposed to borrowing costs and refinancing conditions. This debt profile can limit financial flexibility if capital markets tighten or if property cash flows soften.

Stocks to ConsiderSome better-ranked stocks from the REIT sector are Lamar Advertising (LAMR - Free Report) and W.P. Carey (WPC - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Lamar Advertising’s 2026 FFO per share is pegged at $8.63, up 4.48% year over year.

The consensus estimate for W.P. Carey’s 2026 FFO per share is pegged at $5.26, up 5.84% year over year.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Trophy office tower continues SL Green’s expansion of its premier East Midtown portfolio May 27, 2026 16:05 ET  | Source: SL Green Realty Corp

NEW YORK, May 27, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million. SL Green will retain a 51.0% interest in the project and will serve as the development and leasing manager. The project will be a collaboration between SL Green and Mori Building, uniting the collective vision, design capabilities and development expertise of both firms.

“346 Madison Avenue will set a new benchmark for innovative office development in East Midtown and Mori Building is the ideal partner to join us in the realization of that vision,” said Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp. “Tenant demand for the highest-quality, best-located, and most thoughtfully designed buildings far exceeds available supply. This is the perfect moment for SL Green and Mori Building to conceive and build the next great New York City office building.”

“We are pleased to advance Mori Building's first development project in New York alongside SL Green," said Shingo Tsuji, President and Chief Executive Officer of Mori Building Co., Ltd. "By uniting the expertise and networks of both SL Green, a driving force in shaping Manhattan's urban landscape, and Mori Building with its deep experience in large-scale urban development in Tokyo, we will create a new landmark that defines New York City."

346 Madison Avenue is located one block from Grand Central Terminal and across from One Vanderbilt, making it the single best development site in midtown Manhattan. KPF will design the new 46 floor tower, which will be approximately 850,000 rentable square feet with side core, column-free floorplates featuring 15’-22’ ceiling heights. The all-electric building will achieve the highest level of sustainability and WELL certifications.

The building’s unique design includes 9 terrace floors, 9 floors with loggias and oversized windows throughout. A two-floor, best-in-class amenity offering includes a 215-seat auditorium, tenant lounge with an épicerie operated by famed Michelin star chef Daniel Boulud and complemented with a lushly landscaped terrace overlooking Madison Avenue. A luxury wellness center will feature a tenant-only fitness center, the only regulation size padel court within an office building together with spa quality locker rooms. Additionally, a world-class restaurant is expected to occupy the ground floor. The combination of cutting-edge design, healthy workplace infrastructure and exceptional amenity offerings will make 346 Madison the unrivaled leader for the next generation of office development.

“346 Madison Avenue is a singular opportunity to design a new tower of lasting architectural significance just steps from Grand Central Terminal,” said James von Klemperer, President, KPF. “Building on our partnership with SL Green at One Vanderbilt and One Madison Avenue, and with Mori Building on various projects around the world including Tokyo and Shanghai, the design will ensure 346 Madison sets a new standard for office quality while enhancing the New York City skyline and the surrounding neighborhood.”

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

About Mori Building Co., Ltd.

Mori Building is an innovative urban developer based in Tokyo. The company is focused on increasing the magnetic power of cities by creating and nurturing safe, sustainable urban centers, based on its unique Vertical Garden City concept of high-rise, multifunctional developments for business, learning, leisure, and residence in midst of lush greenery. The concept is manifested in the company’s many leading-edge projects including Roppongi Hills, Toranomon Hills, and Azabudai Hills in Tokyo, Shanghai World Financial Center and Jakarta MORI Tower. Mori Building is also engaged in real estate leasing, project management, and consultation. Please visit www.mori.co.jp/en.

Forward Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

Press Contact

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SLG–A&D

SL Green and Japan’s Mori Building Co., which announced a joint-venture partnership to develop a new Madison Avenue office tower, are wasting no time getting the 46-story project off the ground.

Demolition of the old Brooks Brothers building at 346 Madison Ave. and of next-door 11 E. 44th St. will start in the third quarter of this year, SL Green leasing director Steven Durels told Realty Check.

The 850,000 square-foot tower is projected to be finished in the third quarter of 2031, Durels said.

Demolition of the old Brooks Brothers building at 346 Madison Ave is scheduled for this fall. Steve Cuozzo for NY Post He added it will be “the most highly amenitized new building in the city,” with features to include nine floors with terraces, nine with loggias, a luxury wellness center, a 215-seat auditorium, indoor padel court, and a landscaped terrace overlooking the avenue.

The tower is to be designed by KPF. Neither the architectural firm nor SL Green has yet released renderings.

Superchef Daniel Boulud will operate an Epicerie fast-casual food spot in a tenants’ lounge. A “world-class restaurant” is planned for the ground floor. Given Boulud’s close relationship with SL Green at One Vanderbilt (home to Le Pavillon) and One Madison Avenue (La Tete d’Or), would he be in the running for that role as well?

“He’ll be in the running,” Durels chuckled.

The project is one of several major office developments and redevelopments on Madison in the East 40s, including BXP’s soon-to-rise 343 Madison and JP Morgan Chase’s redesign of 383 Madison.

The 850,000 square-foot tower that will replace 346 Madison Ave. and 11 E. 44th Street next door is expected to be completed in late 2031. Steve Cuozzo for NY Post Durels cited “proximity to [SL Green’s ] One Vanderbilt and the new JP Morgan Chase headquarters” as driving  the Madison corridor boom.

“One Vanderbilt  clearly transformed the west side of Grand Central and established it as a luxury location, reinforced by the Chase tower,” he said.

SL Green chairman Marc Holliday said  his company would sell a 49 percent stake in the  new project to Mori, Japan’s largest urban landscape developer. SL Green will be the project’s development and leasing manager.

Key Takeaways SL Green agreed to sell 10 East 53rd Street to Meadow Partners for $312.2 million.The 92%-leased Midtown asset is expected to generate nearly $100M in net proceeds.SLG targets $2.5B in 2026 dispositions to repay debt and enhance portfolio quality. SL Green (SLG - Free Report) recently announced the disposition of 10 East 53rd Street to Meadow Partners, a real estate investment manager specializing in global middle-market transactions, for a total consideration of $312.2 million. Expected to close in the third quarter of 2026, the transaction will yield net proceeds of nearly $100 million. The company plans to use these funds for debt repayment.

Leased at 92%, the asset under consideration is a 37-story, 390,000-square-foot building located in East Midtown between Fifth Avenue and Madison Avenue. SL Green acquired this property in 2012 and completed its redevelopment and repositioning. In December 2024, SLG acquired the remaining 45% interest in the property for $236 million and positioned it well to capitalize on the growing demand for high-quality, well-located Midtown assets.

SL Green is making efforts to improve its portfolio quality by investing in value-accretive assets and disposing of non-core assets. In March 2026, SL Green entered into a contract to sell the residential and retail components of 7 Dey Street for a consideration of $222.6 million while retaining the 26,000-square-foot office condominium. In February 2026, together with its joint venture partner, SL Green closed on the sale of 690 Madison Avenue for $54.5 million.

These transactions support SL Green’s $2.5 billion disposition target for 2026. By monetizing non-core assets and directing proceeds toward debt repayment, the company aims to strengthen its balance sheet, enhance portfolio quality and create long-term shareholder value through active asset management.

Over the past three months, shares of this Zacks Rank #3 (Hold) office REIT company have gained 14.6% compared with the industry’s growth of 1.8%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are W.P. Carey (WPC - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for WPC’s 2026 FFO per share has been moved northward marginally over the past two months to $5.26.

The consensus estimate for LAMR’s 2026 FFO per share has been revised upward by 2.2% to $8.81 over the past month.