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Get filing alertsSL Green raises 2026 FFO guidance by $1.20/share to $5.60-$5.90, reports Q2 FFO of $1.43
Filed July 23, 2026 · Period ending July 22, 2026 · ~2 min read
Key Changes
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Full-year 2026 FFO guidance raised from $4.40-$4.70 to $5.60-$5.90 per share, a $1.20 increase at midpoint driven by $0.40 of higher property NOI and fees plus $0.80 from One Vanderbilt Avenue.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Q2 2026 FFO of $1.43/share vs. $1.63/share in Q2 2025 (prior year included $0.61/share one-time gain from 522 Fifth Avenue loan repayment); Manhattan same-store cash NOI grew 4.3% year-over-year.
Exhibit 99.1 view on EDGAR → -
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Signed 53 Manhattan office leases totaling 445,161 sq ft in Q2 at 18.0% mark-to-market rent increase; same-store office occupancy reached 94.7% (including signed but uncommenced leases), targeting 95.0% by year-end.
Exhibit 99.2 view on EDGAR → -
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Closed sale of 7 Dey Street residential/retail for $222.6M (net proceeds $23.7M) and sold 49% JV interest in 346 Madison Avenue at $175M valuation (net proceeds $94.9M); contracted to sell 10 East 53rd Street for $312.2M (expected Q3 close).
Exhibit 99.2 view on EDGAR → -
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Deployed $94.7M from $1.3B Opportunistic Debt Fund in Q2 (total deployment $590.5M, $517.5M funded, $18.9M repaid); repurchased $14.1M of common stock at $49.67/share average.
Exhibit 99.1 view on EDGAR →
Summary
SL Green delivered a strong Q2 2026 and raised its full-year outlook, signaling accelerating momentum in its Manhattan office portfolio. The company increased 2026 FFO guidance by $1.20 per share to $5.60-$5.90, reflecting both operational strength ($0.40 from higher property NOI and fees) and a significant $0.80 contribution from One Vanderbilt Avenue.
Net income guidance turned positive, rising from a potential loss of $(0.27)-$0.03 to $0.20-$0.50 per share. The operating fundamentals are solid. Manhattan same-store cash NOI grew 4.3% year-over-year in Q2, while leasing activity showed pricing power: 53 office leases totaling 445,161 square feet achieved an 18.0% mark-to-market rent increase over prior escalated rents.
Same-store office occupancy climbed to 94.7% (including signed but uncommenced leases), up from 93.0% at year-end 2025, with management targeting 95.0% by December 2026. The company is also monetizing assets, closing $118.6 million in net proceeds from the 7 Dey Street and 346 Madison Avenue transactions, with another $100 million expected from the contracted 10 East 53rd Street sale in Q3. For holders, the guidance raise—particularly the One Vanderbilt income acceleration—validates the trophy-asset strategy and suggests the portfolio is capturing the return-to-office tailwind. The combination of rising occupancy, double-digit rent growth on renewals, and disciplined capital recycling positions SL Green to sustain FFO growth while reducing leverage.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
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.
SL Green reported a net loss of $0.38 per share for Q2 2026, compared to a net loss of $0.16 per share in Q2 2025. FFO was $1.43 per share in Q2 2026, down from $1.63 per share in Q2 2025, though the prior-year quarter included $0.61 per share of one-time income from a commercial mortgage investment resolution. Excluding that one-time item, core FFO improved year-over-year.
Added in current filing · view on EDGAR →
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.
SL Green raised its full-year 2026 FFO guidance by $1.20 per share at the midpoint, from $4.40-$4.70 to $5.60-$5.90 per share. The increase reflects $0.40 per share of higher NOI from the real estate portfolio and incremental fees, plus $0.80 per share of additional income from One Vanderbilt Avenue. Net income guidance was also raised from $(0.27)-$0.03 to $0.20-$0.50 per share.
Added in current filing · view on EDGAR →
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.
SL Green closed the sale of the residential and retail components of 7 Dey Street for $222.6 million, receiving net proceeds of $23.7 million. The company also sold a 49.0% joint venture interest in the 346 Madison Avenue development at a $175.0 million gross valuation, receiving net proceeds of $94.9 million. Additionally, SL Green entered into a contract to sell 10 East 53rd Street for $312.2 million, expected to close in Q3 2026, generating approximately $100.0 million in net proceeds for corporate debt repayment.
Event · Exhibit 99.2
SL Green reported Q2 2026 results, raised full-year FFO guidance by $1.20/share, and closed asset sales generating ~$118M net proceeds.
Added in current filing · view on EDGAR →
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 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.
SL Green reported Q2 2026 FFO of $1.43 per share, down from $1.63 per share in Q2 2025 (which included a $0.61/share one-time gain from the 522 Fifth Avenue loan repayment). The company raised its full-year 2026 FFO guidance by $1.20 per share at the midpoint to $5.60-$5.90 per share, driven by $0.40/share of higher property NOI and fees, plus $0.80/share of additional income from One Vanderbilt Avenue. Net income guidance also increased from $(0.27)-$0.03 per share to $0.20-$0.50 per share.
Added in current filing · view on EDGAR →
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.
The company's Manhattan same-store cash NOI grew 4.3% year-over-year in Q2 2026 and 3.4% for the first half of 2026, excluding lease termination income. This metric reflects organic growth in the core portfolio's operating performance.
Added in current filing · view on EDGAR →
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.
SL Green signed 53 office leases totaling 445,161 square feet in Q2 2026 at an average rent of $93.17 per square foot. Replacement leases (32 leases, 308,680 square feet) achieved an 18.0% mark-to-market increase, with starting rents of $98.42 per square foot versus prior escalated rents. Occupancy in the Manhattan same-store office portfolio increased to 94.7% as of June 30, 2026, up from 93.0% at year-end 2025.
Added in current filing · view on EDGAR →
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.
SL Green closed two transactions in May 2026: the sale of the residential and retail components of 7 Dey Street for $222.6 million (net proceeds $23.7 million, retaining the office condominium), and the sale of a 49% joint venture interest in 346 Madison Avenue to Mori Building Co. at a $175 million gross valuation (net proceeds $94.9 million). The company retains a 51% interest in 346 Madison and will manage development and leasing. Additionally, the company entered into a contract to sell 10 East 53rd Street for $312.2 million, expected to close in Q3 2026 and generate approximately $100 million in net proceeds for debt repayment.
Event · Item 2.02 — Results of Operations and Financial Condition
SL Green disclosed Q2 2026 earnings results via press release and supplemental package posted to its website.
Added in current filing · verify on EDGAR →
Following the issuance of a press release on July 22, 2026 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 2026, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release.
SL Green announced its second quarter 2026 financial results through a press release and supplemental materials. The 8-K itself does not contain specific financial metrics; those details are in the attached exhibits which were not provided in this filing body.
Event · Item 7.01 — Regulation FD Disclosure
SL Green raises 2026 guidance: net income to $0.20-$0.50/share (from $(0.27)-$0.03) and FFO to $5.60-$5.90/share (from $4.40-$4.70).
Added in current filing · view on EDGAR →
Depreciation and amortization 3.53 3.53 Joint ventures depreciation and noncontrolling interests adjustments 3.23 3.23 Net income attributable to noncontrolling interests 0.28 0.28 Depreciable real estate reserves and impairments 0.46 0.46 Less: Gain on sale of real estate, net 1.09 1.09 Equity in net gain on sale of interest in unconsolidated joint venture / real estate 0.95 0.95
The reconciliation table shows the bridge from net income to FFO. Key adjustments include $3.53 in depreciation/amortization, $3.23 in joint venture adjustments, and subtractions for $1.09 in real estate sale gains and $0.95 in equity gains from unconsolidated joint ventures. These figures reveal the composition of the FFO guidance and the impact of asset sales.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 24, 2026 · How we verify