Net loss attributable to common stockholders of $1.20 per share for the first quarter of 2026 as compared to net loss of $0.30 per share for the same period in 2025.
Funds from operations ("FFO") of $0.84 per share for the first quarter of 2026. The Company reported FFO of $1.40 per share for the same period in 2025, which included $25.0 million, or $0.33 per share, of income related to the resolution of a commercial mortgage investment.
The Company reaffirms its previously announced 2026 FFO guidance range of FFO of $4.40 to $4.70 per share, with a midpoint of $4.55 per share.
Signed 51 Manhattan office leases totaling 929,264 square feet in the first quarter of 2026, the highest volume ever achieved during the first quarter in the Company's 28-year history. The mark-to-market on signed Manhattan office leases was 16.1% higher for the first quarter than the previous fully escalated rents on the same spaces.
Manhattan same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 2.6% for the first quarter of 2026, excluding lease termination income, as compared to the same period in 2025.
Manhattan same-store office occupancy increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, as compared to 93.0% as of December 31, 2025. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.
Investing Highlights
Entered into a contract to sell the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions.
Together with our joint venture partner, closed on the sale of 690 Madison Avenue for $54.5 million.
Financing Highlights
Together with our joint venture partners, completed a $1.65 billion, five-year, fixed-rate refinancing of One Madison Avenue. The single asset, single borrower (SASB) CMBS execution was priced at a spread of 181 basis points above the US treasury index, resulting in an interest rate of 5.81%.
Refinanced, extended and reduced the overall cost of $2.0 billion of the Company's $2.4 billion corporate credit facility. The existing $1.25 billion revolving line of credit was extended to June 2031 while the existing $1.05 billion term loan was bifurcated, resulting in a new $750 million term loan with a maturity date of June 2031. The cost of the revolving line of credit and the new term loan were each reduced by 25 basis points. The remaining $300 million term loan that matures in May 2027 and the existing $100 million term loan that matures in November 2026 were not modified.
NEW YORK, April 15, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE:SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2026 of $84.4 million, or $1.20 per share, as compared to a net loss of $21.1 million, or $0.30 per share, for the same period in 2025.
The Company reported FFO for the quarter ended March 31, 2026 of $64.6 million or $0.84 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.0 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $106.5 million, or $1.40 per share, for the same period in 2025, which included $25.0 million, or $0.33 per share, of income related to the resolution of a commercial mortgage investment.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 2.6% for the first quarter of 2026, excluding lease termination income, as compared to the same period in 2025.
During the first quarter of 2026, the Company signed 51 office leases in its Manhattan office portfolio totaling 929,264 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2026 was $105.12 per rentable square foot, the highest average starting rent for leases signed in any one quarter in the Company's history, with an average lease term of 9.8 years and average tenant concessions of 10.9 months of free rent with a tenant improvement allowance of $107.76 per rentable square foot. Thirty-four leases comprising 666,790 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $114.75 per rentable square foot, representing a 16.1% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, as compared to 93.0% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.
Significant leasing activity in the first quarter includes:
New lease with Clay Labs, Inc. for 163,095 square feet at 11 Madison Avenue;
New lease with a large global investment firm for 150,036 square feet at 245 Park Avenue;
New expansion lease with Harvey AI Corporation for 92,663 square feet at One Madison Avenue;
New expansion lease with TD Securities for 51,081 square feet at 125 Park Avenue;
New lease with Robinson & Cole for 48,451 square feet at 100 Park Avenue;
New lease with One Main General Services Corp for 38,037 square feet at 1185 Avenue of the Americas;
New expansion lease with McDermott, Will & Schulte for 29,734 square feet at One Vanderbilt Avenue.
Investment Activity
In March, the Company entered into a contract to sell the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. The Company will retain ownership of the 26,000 square foot office condominium.
In February, together with our joint venture partner, the Company closed on the sale of 690 Madison Avenue for $54.5 million. The transaction generated cash proceeds to the Company of $48.5 million.
Financing Activity
In March, together with our joint venture partners, the Company completed a $1.65 billion, five-year, fixed-rate refinancing of One Madison Avenue. The single asset, single borrower (SASB) CMBS execution was priced at a spread of 181 basis points above the US treasury index, resulting in an interest rate of 5.81%. The new financing replaced the property's previous $1.25 billion construction facility, which had an outstanding balance of $1.171 billion.
In March, the Company refinanced, extended and reduced the overall cost of $2.0 billion of the Company's $2.4 billion corporate credit facility.
The existing revolving line of credit component of the facility was maintained at $1.25 billion, the maturity was extended to June 2031, inclusive of as-of-right extension options, and the borrowing cost was reduced by 25 basis points to 125 basis over SOFR based on the Company's current credit rating.
The existing $1.05 billion term loan component of the facility was bifurcated, resulting in a new $750 million term loan with a maturity date of June 2031 and a borrowing cost that was reduced by 25 basis points to 145 basis points over SOFR, based on the Company's current credit rating. The remaining $300 million of the term loan with a maturity date of May 2027 will continue to be outstanding on its current terms.
The existing $100 million term loan component of the facility with a maturity date of November 2026 will also remain outstanding on its current terms.
Dividends
On March 23, 2026, the Company announced that its board of directors established an annual ordinary dividend on its common stock for 2026 of $2.47 per share. The new dividend level will allow the Company to retain incremental liquidity for investment opportunities, which may include discounted debt extinguishments, share repurchases or ongoing development projects.
In the first quarter of 2026, the Company declared:
A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on April 15, 2026;
A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2026 through and including April 14, 2026, which was paid in cash on April 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 16, 2026, at 2:00 p.m. ET to discuss the financial results.
Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under "Financial Reports."
The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under "Presentations & Webcasts."
Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIfae87cfbadc74c2fbc45e803ee1d1e2f.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.
To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at [email protected].
Disclaimers
Non-GAAP Financial MeasuresDuring the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company's Supplemental Package.
Forward-looking Statements This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
SL GREEN REALTY CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited and in thousands, except per share data)
Three Months Ended
March 31,
Revenues:
2026
2025
Rental revenue, net
$
165,995
$
144,518
Escalation and reimbursement revenues
20,881
18,501
SUMMIT Operator revenue
24,142
22,534
Investment income
2,346
16,114
Interest income from real estate loans held by consolidated securitization vehicles
14,649
15,981
Fee income
20,006
12,275
Other income
5,061
9,923
Total revenues
253,080
239,846
Expenses:
Operating expenses, including related party expenses of $2 in 2026 and $3 in 2025
61,457
56,062
Real estate taxes
41,912
37,217
Operating lease rent
6,944
6,106
SUMMIT Operator expenses
24,942
21,764
Interest expense, net of interest income
50,909
45,681
Amortization of deferred financing costs
2,802
1,687
SUMMIT Operator tax expense (benefit)
585
(45
)
Interest expense on senior obligations of consolidated securitization vehicles
14,649
13,972
Depreciation and amortization
69,751
64,498
Loan loss and other investment reserves, net of recoveries
—
(25,039
)
Transaction related costs
284
295
Marketing, general and administrative
22,786
21,724
Total expenses
297,021
243,922
Equity in net (loss) income from unconsolidated joint ventures
(20,780
)
1,170
Income from debt fund investments, net
2,478
—
Equity in net loss on sale of interest in unconsolidated joint venture/real estate
(814
)
—
Purchase price and other fair value adjustments
4,183
(9,611
)
Gain (loss) on sale of real estate, net
16,636
(482
)
Depreciable real estate reserves
(35,160
)
(8,546
)
Net loss
(77,398
)
(21,545
)
Net income (loss) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership
6,678
1,465
Noncontrolling interests in other partnerships
(7,734
)
4,897
Preferred units distributions
(2,199
)
(2,154
)
Net loss attributable to SL Green
(80,653
)
(17,337
)
Perpetual preferred stock dividends
(3,738
)
(3,738
)
Net loss attributable to SL Green common stockholders
$
(84,391
)
$
(21,075
)
Earnings Per Share (EPS)
Basic loss per share
$
(1.20
)
$
(0.30
)
Diluted loss per share
