Demolition of the old Brooks Brothers building at 346 Madison Ave. and of next-door 11 E.
SLG shares climb 13% in three months as record Manhattan leasing, rising occupancy and portfolio moves support momentum.
SL Green Realty remains a Buy, with aggressive leasing, a solid portfolio, and risks already reflected in its valuation. SLG achieved record Q1 leasing and strong mark-to-market spreads, and expects same-store occupancy to reach 95% by year-end. A 20% dividend cut frees up ~$50 million for accretive uses, while refinancing efforts reduce borrowing costs and extend maturities.
SLG's Q1 2026 FFO misses estimates despite a revenue beat and record Manhattan leasing. Shares slide more than 2% after hours.
Although the revenue and EPS for SL Green (SLG) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
SL Green (SLG) came out with quarterly funds from operations (FFO) of $0.84 per share, missing the Zacks Consensus Estimate of $1.06 per share. This compares to FFO of $1.4 per share a year ago.
SLG secures $1.65 billion refinancing for One Madison Avenue, boosting liquidity and advancing a broader $7 billion 2026 financing plan.
SLG is set to sell 7 Dey Street to GO Residential, keeping office space under its ownership as it draws strong demand.
SL Green Realty Corp.'s same-store occupancy rose 60 basis points to 93.0% as of the end of the fourth quarter, as demand for Class A Manhattan office space continues to grow. However, SLG's funds from operations per share fell to $1.13 from $1.81 a year ago, with the dividend set to move to quarterly payouts and a dividend cut likely when this happens. The SLG REIT faces $1.55 billion in 2025 debt maturities, likely requiring asset sales or refinancing with cash and cash equivalents of $155.7 million at the end of the fourth quarter.
SL Green Realty Corp. (SLG) Presents at Citi's Miami Global Property CEO Conference 2026 Transcript
SL Green (SLG) reported earnings 30 days ago. What's next for the stock?
SL Green Realty Corp. is well-positioned for Manhattan's real estate recovery, maintaining strong occupancy and executing major refinancing and asset disposition plans. SLG's Q4 FAD beat management expectations, but high interest expenses and a 99.5% dividend payout ratio recently highlighted ongoing financial pressures and uncertainty. Management remains optimistic about 2026–2027, projecting occupancy gains and business growth, while emphasizing a long-term, holistic approach to dividend policy.