Sl Green Realty Corp. (SLG)
NYSE:SLG
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Earnings Data
Report Date
Jul 22, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.63Last Year’s EPS
-0.16Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and leasing momentum: record Q1 leasing, meaningful mark-to-market rent gains (16%), low trophy vacancy (3.4%), raised occupancy targets, development progress (346 Madison, 7 Times Square), and encouraging capital markets/financing demand. Near-term challenges include a lagging economic occupancy (85.9% vs ~89% target), Q1 SUMMIT weather-driven underperformance, and elevated leasing-related capital spend that pressures FAD/FFO timing. Management presented clear plans to normalize cash flow by 2027–2028 (expecting FAD to align with the dividend by 2028) and showed active disposition and financing execution that support liquidity and deleveraging.Company Guidance
Record Q1 Leasing Volume and Strong Rents
Signed 51 leases totaling 930,000 sq ft in Q1 — the largest Q1 in company history — with mark-to-market rents 16% above previously fully escalated rents; year-to-date leasing exceeds 1,000,000 sq ft and pipeline stands at ~900,000 sq ft (30% of pipeline are 'leases out').
Low Trophy Vacancy Driving Pricing Power
Trophy building vacancy declined to 3.4% at quarter-end, supporting continued rent escalation, improved net effective rents, and strong demand for prime Midtown/East Midtown space.
Improved Leasing and Occupancy Targets
Reported leased occupancy of 94.4% and raised year-end same-store occupancy target from 94.8% to 95%, with management indicating potential upside given pipeline momentum.
Same-Store Cash NOI Momentum
Q1 same-store cash NOI came in +2.6%, which was ~300 basis points ahead of internal expectations; company reiterates objective of ~10% same-store cash NOI growth for 2027.
Development Progress — 346 Madison & 7 Times Square
Closed on 346 Madison site; issuing 100% schematic design within six months and targeting ULURP filing by year-end for an ~850,000 sq ft tower. 7 Times Square/53rd Ave: final tenant cleared, mobilization and procurement underway and tracking on or below budget.
Disposition & Capital Deployment Progress
Entered contract to sell residential/retail at 7 Dey and closed sale of 690 Madison JV interest; progressing toward a $2.5 billion disposition plan with ~6 of 11 targeted transactions expected closed or under contract by midyear — roughly half of the year's $2.5B target.
Debt Fund & Credit Market Activity
Debt fund deployed $226M since last call, total committed ~$567M of a $1.3B fund; One Madison financing demonstrated strong credit demand (44 investors; certain classes 7x oversubscribed) and management reports robust CMBS/SASB liquidity.
Favorable NYC Macroeconomic Backdrop
City fundamentals supportive: 2025 city tax revenues $80B (16% above pre-pandemic), real estate tax collections +3% YoY, personal income tax +12% YoY, Wall Street profits $65B (record), VC raised $31B (+25% YoY), and 160 unicorns — all cited as drivers of office demand.
SUMMIT Performance & Expansion
SUMMIT remains a strategic growth asset; although Q1 impacted by weather, management expects strong summer demand (World Cup, Semiquincentennial) and plans Paris opening in 2027 to drive incremental NOI.
Capital Structure Actions & Liquidity Optionality
Repriced revolver and reduced spread to SOFR; ~$3B remaining on the financing plan for the year with intent to reduce WAC via natural hedge/derivative roll-off; management plans disciplined allocation of incremental liquidity (debt reduction, development, share repurchases).
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
SLG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 15, 2026 | $41.63 | $40.81 | -1.97% |
Jan 28, 2026 | $42.81 | $43.77 | +2.25% |
Oct 15, 2025 | $55.57 | $52.35 | -5.79% |
Jul 16, 2025 | $61.33 | $58.83 | -4.08% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Sl Green Realty Corp. (SLG) report earnings?
Sl Green Realty Corp. (SLG) is schdueled to report earning on Jul 22, 2026, After Close (Confirmed).
What is Sl Green Realty Corp. (SLG) earnings time?
Sl Green Realty Corp. (SLG) earnings time is at Jul 22, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SLG EPS forecast?
SLG EPS forecast for the fiscal quarter 2026 (Q2) is -0.63.