Sl Green Realty Stock Earnings Reports

SL Green reported an excellent Q1 2026: record leasing activity (51 leases / 930k sqft; mark-to-market rents +16% vs prior escalated rents), strong demand for trophy and prime Midtown space, and very low vacancy in top-tier buildings (trophy vacancy down to 3.4%). Management highlighted a persistent supply crunch (no meaningful new deliveries for ~3 years; major new projects not expected until ~2029), which supports continued rent escalation and net effective rent improvement across the portfolio. They are moving quickly on development (346 Madison schematic design issued; ULURP filing expected by year-end) and progressing construction at 7 Times Square (mobilization, procurement, on/under budget so far). Portfolio leasing velocity remains high (year-to-date >1mm sqft leased, ~900k sqft pipeline with ~30% leases-out) and management raised the year-end same-store occupancy target to 95%. Financially, Q1 property NOI was ahead of expectations but SUMMIT underperformed weather-driven Q1 demand; management remains biased toward the high end of full-year guidance and expects same-store cash NOI growth to accelerate into 2027 (~10% target). They reiterated a disposition program (~$2.5bn plan) with roughly half of planned proceeds expected by midyear and continue to deploy capital via their debt fund (~$567m committed). The board set the new dividend at $2.47, which management says aligns with taxable income and the business plan while retaining ~ $50m for accretive uses; they expect FAD/cash flow to align with that dividend by 2028. Management also emphasized strong capital markets access (notably the robust One Madison financing) and continued investor interest in high-quality NYC office assets.