EarningsQ2 2026 Earnings Report
MX:SLG Q2 2026 EPS Results
Actual EPS-$6.90
Consensus EPS-$10.66
Beat/MissBeat by +$3.76
One Year Ago EPS-$2.91
MX:SLG Q2 2026 Revenue Results
Actual Revenue$4.81B
Expected Revenue$3.25B
Beat/MissBeat by +$1.56B
YoY Revenue Growth+5.63%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:SLG Upcoming Earnings
SL Green Realty's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SLG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong, company-driven operational momentum: a sizable upward FFO guidance revision (>$1.20/sh, >26%), improved economic occupancy (+300 bps), robust leasing pipeline and mark-to-market rent upside, and tight balance sheet/hedging actions. These positives outweigh the remaining execution and market risks (legacy asset recapitalizations, rate environment and some active litigation). Management highlighted recurring, sustainable sources of FFO growth (notably 1 Vanderbilt) and active capital allocation (sales, development partnerships, buybacks).Company Guidance
Material Upward FFO Guidance Revision
Company raised FFO guidance by $1.20 per share (more than 26% increase). Management states the vast majority of the increase is recurring and breaks it down as $0.20 from operational execution, $0.20 from fee/other income, and $0.80 from 1 Vanderbilt accounting and cash flow treatment.
1 Vanderbilt Strong Cash Generation
1 Vanderbilt is 100% leased and is producing meaningful cash flow. GAAP negative carrying basis amortization yields ~ $21 million per year through early 2031; the 1 Vanderbilt-related incremental FFO contribution is $0.80 in 2026, of which $0.35 was recorded in Q2.
Significant Improvement in Economic Occupancy and Leasing Momentum
Economic occupancy improved by approximately 300 basis points in the quarter as concessions burn off and vacancy falls. Leasing pipeline remains robust (about 900k sq ft, ~50% new / 50% renewal) with ~400k sq ft in advanced negotiations.
Strong NYC Macroeconomic Backdrop Supporting Office Demand
Management highlighted multiple datapoints: Wall Street profits of $21 billion in Q1; Big 5 banks reported Q2 profits up ~50% year-over-year; office-using jobs up ~12,000 YTD; healthcare added ~20,000 jobs YTD; NYC venture capital funding was $10.8 billion in Q2 and $21.1 billion YTD (roughly double 2025). Company cited ~50 million sq ft of office leased in the past four quarters.
Rent Appreciation and Mark-to-Market Opportunity
Company reported broad-based rent increases across portfolio, with particularly strong gains on Park Avenue and 6th Avenue assets. Management estimates COVID-vintage lease mark-to-market upside in the ~10–20% range (around a ~15% midpoint) when those leases roll.
Capital Markets and Dispositions Progress
Completed or in-contract on 4 of 11 planned dispositions; in-contract sale of 10 East 53rd Street (~5.7% cap rate). CMBS issuance is improving ($11 billion YTD vs $8.5 billion prior year, ~+29%), and AAA spreads have tightened (AAA spreads sub-100 bps on some deals), supporting financing activity including advanced work on the 245 Park financing.
Conservative Balance Sheet Management and Hedging
Company remains heavily hedged on interest rates, moving from ~70/30 fixed-to-float historically to approximately 90/10 today. Management is hedging financings (e.g., 245 Park) well ahead of execution to mitigate rate volatility.
Operating Business Wins and Global Summit Expansion
Summit (1 Vanderbilt observatory business) produced market-leading attendance and higher average ticket prices; management is expanding Summit internationally with Paris targeted to open in 2027 and Tokyo in 2030. Daily ticket sales days exceeded $400k on peak days.
Shareholder-Friendly Actions
Company repurchased approximately $14 million of stock during the quarter, indicating management confidence in intrinsic value and multiple levers to deploy capital (development, buybacks, debt paydown).
MX:SLG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed