SL Green Realty Q2 FFO falls on commercial mortgage investment

Sl Green Realty

22/07/2026 21:18

    

    Overview
  
US office landlord's Q2 net loss widened year-over-year
Q2 FFO per share fell from prior year, which included a large one-time gain
Company raised 2026 FFO and net income guidance, citing higher NOI and One Vanderbilt income

    

    Outlook
  
SL Green raises 2026 FFO guidance to $5.60-$5.90 per share from $4.40-$4.70 per share
Company lifts 2026 net income guidance to $0.20-$0.50 per share from $(0.27)-$0.03 per share
SL Green expects Manhattan same-store office occupancy to reach 95.0% by Dec. 31, 2026

    

    Result Drivers
  
HIGHER RENTAL INCOME - Manhattan same-store cash NOI rose 4.3% in Q2, driven by higher rental revenue and improved occupancy
LEASING SPREADS - Signed Manhattan office leases in Q2 at rents 18% above previous fully escalated rents on same spaces
OCCUPANCY GAINS - Manhattan same-store office occupancy increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced

    
Company press release: ID:nGNX5MnfTK

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Loss Per Share
 
$0.38
 
Q2 Net Loss
 
$26.50 mln
 
Q2 FFO
 
$109.58 mln
 
Q2 FFO Per Share
 
$1.43
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for SL Green Realty Corp is $52.00, about 2.3% above its July 21 closing price of $50.82

    

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)