EarningsQ3 2026 Earnings Report
MX:SLG Q3 2026 EPS Results
Actual EPS$18.97
Consensus EPS-$4.66
Beat/MissBeat by +$23.63
One Year Ago EPS$6.39
MX:SLG Q3 2026 Revenue Results
Actual Revenue$5.13B
Expected Revenue$3.32B
Beat/MissBeat by +$1.80B
YoY Revenue Growth+7.76%
Earnings Announcement Details
QuarterQ3 2026
Date10/21/2026
TimeAfter Close
Conference CallWednesday, October 21, 2026
MX:SLG Upcoming Earnings
SL Green Realty's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:SLG Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported exceptional leasing performance, 95% leased occupancy, more than 4% same-store NOI growth, substantial financing and disposition activity, strong demand for Manhattan office assets, and multiple development and fee-income initiatives. The principal challenges were higher interest rates, some potential timing slippage in dispositions, and Summit operating below its initial expectations, but these issues were presented alongside significant operating and capital-markets progress.Company Guidance
Leasing Volume and Occupancy Exceeded Expectations
SL Green surpassed 2 million square feet of leasing year-to-date, bringing leased occupancy to 95%. Management said rents are generally exceeding previous rents by around 15%, while same-store NOI growth exceeded 4%.
Robust Leasing Pipeline and Mark-to-Market
The leasing pipeline increased to 1.3 million square feet, including almost 840,000 square feet of active leases in negotiation. Approximately 300,000 square feet represented new transactions and over 1 million square feet represented renewals. Mark-to-market was described as very healthy at north of 20%.
Strong Renewal Economics and Tenant Demand
Renewal concessions were described as dramatically lower than new-tenant concessions, resulting in strong renewal net effective rents. Larger tenants are engaging the market 3, 4, and 5 years in advance because the supply of high-quality space is tight, while leasing velocity and rents are increasing at properties including 800 Third Avenue, 420 Lexington Avenue, and Graybar.
2027 Same-Store NOI Objective Maintained
Despite 2026 performing better and inflationary pressures on operating expenses, management maintained its objective for 2027 same-store cash NOI to be north of 10%.
Completed $7 Billion of 2026 Financing Plan
The company completed the $2 billion refinancing of 245 Park and more than $7 billion of its 2026 financing plan. Management said the activity generated incremental liquidity, strengthened the balance sheet, and extended debt maturities at fixed rates.
245 Park Financing and Stabilization
Management characterized 245 Park as a major success, citing its redevelopment, amenity plan, joint venture partnership, 100% occupancy, and completed financing. The financing attracted more than 40 distinct investors and was described as the largest SASB office deal since January 2025.
Disposition Activity and Institutional Demand
SL Green announced six of 11 planned disposition transactions, including the sales of 110 Greene Street and 185 Broadway, and has completed more than $1 billion of pro rata asset sales or joint ventures. Management continues to target the full $2.5 billion plan and said institutional demand for its assets remains strong.
Hospitality and Food-and-Beverage Monetization
The company sold a portion of its hospitality and food-and-beverage platform at a $200 million valuation, generating $40 million of unbudgeted proceeds. The business generated approximately $2 million of full-year FFO and was monetized at a 20x FFO multiple; the transaction did not include Summit or physical real estate.
Summit One Vanderbilt Reached 10 Million Visitors
Summit One Vanderbilt celebrated its 10 millionth visitor coinciding with its five-year anniversary. Management said the attraction has surpassed the Empire State Building as the top observation attraction and one of the most sought-after attractions of any kind in New York City.
Earnings Guidance Increased Versus Original Estimates
Management said earnings guidance was more than $2 per share above the original estimates issued in December 2025.
346 Madison Development Progress
The 346 Madison project is in demolition, is on track to be filed into ULURP in December, and has received strong tenant interest. Management said one tenant has submitted an RFI, another is expected, and the company is already in term-sheet discussions with a large prospective tenant.
750 Third Avenue Conversion Advanced
The company has taken full physical possession of 750 Third Avenue, completed interior demolition and most or all internal column strengthening, and is preparing to commence active conversion of the approximately 800,000-square-foot office building into approximately 750 multifamily units. A construction loan of about $500 million is expected to close around year-end, with delivery targeted for 2029.
Opportunistic Debt Fund Deployment
The opportunistic debt fund has deployed $643 million of its $1.3 billion capacity. Management cited opportunities in loan acquisitions, new originations, and extensions and upsizes of existing facilities, and said the pipeline is deep with activity expected to continue through year-end.
Fee-Generating Businesses Continue to Expand
Third-party fee income was described as more than $100 million, or approximately $110 million. SL Green said it is now the largest active SASB servicer in the country, with exposure to office, retail, data centers, hotels, and life science assets. Green Property Services added more than 2 million square feet of asset management in the quarter, creating potential leasing, property management, and construction management fees.
New York Office Capital Markets Remain Active
Management said it has not seen a specific pullback from 1031 buyers, institutional buyers, domestic or international LPs. New York City office represented 70% of U.S. office SASB activity in 2026, according to the figures cited on the call, exceeding the entire U.S. SASB multifamily market and the combined data center, self-storage, and life science markets.
Paris Summit Expansion on Track
The Paris Summit build-out is on budget and expected to be completed in May, with the facility targeted to open in June 2027. The company has onboarded employees and is conducting prelaunch marketing, staffing, construction, and development of the entertainment experience.
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