Definitions 4
Highlights 6
Office Leasing Statistics 12
Comparative Balance Sheets 13
Comparative Statements of Operations 15
Comparative Computation of FFO and FAD 16
Consolidated Statement of Equity 17
Joint Venture Statements 18 - 19
Selected Financial Data 21 - 24
Debt Summary Schedule 25 - 27
Derivative Summary Schedule 28
Lease Liability Schedule 29
Debt and Preferred Equity Investments 30
Selected Property DataProperty Portfolio 31 - 35
Largest Tenants 36
Tenant Diversification 37
Leasing Activity 38 - 39
Lease Expirations 40 - 42
Summary of Real Estate Acquisition/Disposition Activity 43 - 47Non-GAAP Disclosures and Reconciliations 48
Analyst Coverage 51
Executive Management 52
Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12.
ASP - Alternative strategy portfolio.
Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment, based on the property's vacancy rate, plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company's equity investment in those properties and the property's vacancy rate multiplied by the Company's consolidated weighted average borrowing rate. Capitalized Interest is a component of the carrying value of a development or redevelopment property.
CMBS Investments - Investments in commercial mortgage-backed securities.
Commenced Occupancy - Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
Consolidated securitization vehicle - CMBS securitization trusts for which the terms of our investment and special servicing assignment give us the ability to direct the activities that could significantly impact the trust's economic performance.
Debt service coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by total interest and principal payments.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
Economic Occupancy - Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.
First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs, which are generally incurred during the first 4-5 years following acquisition of a property, to bring a property up to the Company's operating standards.
Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends.
Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by Fixed Charge. The calculation of fixed charge coverage for purposes of our credit facility covenants is governed by the terms of the credit facility.
Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Junior Mortgage Participations - Subordinate interests in first mortgages.
Leased Occupancy - Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession of the leased space.
Mezzanine Debt - Loans secured by ownership interests in real estate.
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.
Recurring capital expenditures - Capital expenditure required to maintain a property at the Company's operating standards.
Redevelopment costs - Non-recurring capital expenditures incurred to improve properties to the Company's operating standards.
Rentable Square Footage - The total space designated as rentable under the in-place lease agreements and vacant rentable space available to be leased.
Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured at inception as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense.
Same-Store Properties (Same-Store) - Properties in service and operating during both the current and prior year reporting periods that are located in Manhattan. Same-Store excludes development and redevelopment properties that are not stabilized for both the current and prior year and excludes properties sold and ASP assets. Changes to Same-Store properties in 2026 are as follows:
Added to Same-Store in 2026: Removed from Same-Store in 2026:
500 Park Avenue 7 Dey Street (sold)
One Madison Avenue 10 East 53rd Street (sold)
Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership or economic interest in the respective joint ventures and may not accurately depict the legal and/or economic implications of holding a non-controlling interest in the respective joint ventures.
Total square feet owned - The total square footage of properties either wholly owned by the Company or in which the Company has a joint venture interest.
NEW YORK, October 21, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2026 of $72.2 million, or $1.01 per share, as compared to net income of $24.9 million, or $0.34 per share, for the same period in 2025.
The Company reported net loss attributable to common stockholders for the nine months ended September 30, 2026 of $38.7 million, or $0.56 per share, as compared to net loss of $7.3 million, or $0.12 per share, for the same period in 2025.
The Company reported FFO for the quarter ended September 30, 2026 of
$122.1 million, or $1.59 per share, as compared to FFO of $120.4 million, or
$1.58 per share, for the same period in 2025.
The Company reported FFO for the nine months ended September 30, 2026 of $296.3 million or $3.85 per share as compared to FFO of $351.4 million, or
$4.60 per share, for the same period in 2025, which included $71.6 million, or
$0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.
All per share amounts are presented on a diluted basis.
Operating and Leasing ActivityManhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.
During the third quarter of 2026, the Company signed 38 office leases in its Manhattan office portfolio totaling 591,108 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2026 was $105.75 per rentable square foot, with an average lease term of 10.7 years and average tenant concessions of 8.2 months of free rent with a tenant improvement allowance of $85.20 per rentable square foot. Twenty-eight leases comprising 449,076 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 $110.88 per rentable square foot, representing a 13.6% increase over the previous fully escalated rents on the same office spaces.
During the nine months ended September 30, 2026, the Company signed 142 office leases in its Manhattan office portfolio totaling 1,965,533 square feet. The average rent on the Manhattan office leases signed in 2026 was $102.61 per rentable square foot with an average lease term of 9.1 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $89.88 per rentable square foot. Ninety-four leases comprising 1,424,546 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 $109.99 per rentable square foot, representing a 15.7% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced, as compared to 92.9% at the end of 2025.
Significant leasing activity in the third quarter includes:
New lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
Early renewal with IMG Worldwide LLC for 90,202 square feet at 304 Park Avenue South;
New lease with Landesbank Baden-Württemberg for 58,332 square feet at 1185 Avenue of the Americas;
New lease with Nearwater Management, LLC for 37,563 square feet at 245 Park Avenue;
New expansion lease with Greenberg Traurig LLP for 33,477 square feet at One Vanderbilt Avenue;
New lease with OceanSound Partners, LP for 32,032 square feet at 450 Park Avenue;
Early renewal with Haworth, Inc. for 30,365 square feet at 125 Park Avenue.
Earnings GuidanceThe Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60-$5.90 per share to
$6.50-$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share.
Investment ActivityIn September, the Company entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction, which is expected to close in the fourth quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately
$216.0 million that will be used for corporate debt repayment.
In August, the Company closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.
During the third quarter, the Company deployed $100.7 million of the
$1.3 billion Fund and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and
$18.9 million of which has since been repaid.
In October, the Company closed on the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.
In October, the Company closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.
Financing ActivityIn October, the Company and its joint venture partner closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The single-asset, single-borrower (SASB) CMBS execution was agented by world-class institutions led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank. The new financing replaces the property's previous $1.768 billion of mortgage and mezzanine financing.
Institutional Investor ConferenceThe Company will host its Annual Institutional Investor Conference on Monday, December 7, 2026 beginning at 9:00 a.m. ET. The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen-only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at https://www.slgreen.com on the day of the conference. An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.
For more information about the event, please email SLG2026@slgreen.com.
DividendsIn the third 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 October 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period July 15, 2026 through and including October 14, 2026, which was paid in cash on October 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.
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, October 22, 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 https://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 https://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/ BI6e8d3796e9b044fbb7f0dca147720564.
Unaudited(Dollars in Thousands Except Per Share)
As of or for the three months ended
9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | |||||
Earnings Per Share | |||||||||
Net income (loss) available to common stockholders (EPS) - diluted | $ 1.01 | $ (0.38) | $ (1.20) | $ (1.49) | $ 0.34 | ||||
Funds from operations (FFO) available to common stockholders - diluted | $ 1.59 | $ 1.43 | $ 0.84 | $ 1.13 | $ 1.58 | ||||
Common Share Price & Dividends | |||||||||
Closing price at the end of the period | $ 48.92 | $ 51.77 | $ 36.94 | $ 45.87 | $ 59.81 | ||||
Closing high price during period | $ 59.83 | $ 52.93 | $ 49.39 | $ 60.52 | $ 65.67 | ||||
Closing low price during period | $ 48.33 | $ 36.06 | $ 35.33 | $ 41.53 | $ 52.04 | ||||
Annual dividend per common share | $ 2.47 | $ 2.47 | $ 2.47 | $ 3.09 | $ 3.09 | ||||
Common Shares & Units | |||||||||
Common shares outstanding | 70,945 | 70,853 | 71,124 | 71,159 | 71,028 | ||||
Units outstanding | 5,298 | 5,547 | 5,878 | 4,878 | 4,850 | ||||
Total common shares and units outstanding | 76,243 | 76,400 | 77,002 | 76,037 | 75,878 | ||||
Weighted average common shares and units outstanding - basic | 75,051 | 75,525 | 75,667 | 74,331 | 74,318 | ||||
Weighted average common shares and units outstanding - diluted | 76,577 | 76,874 | 77,250 | 76,594 | 76,428 | ||||
Market Capitalization | |||||||||
Market value of common equity | $ 3,729,808 | $ 3,955,228 | $ 2,844,454 | $ 3,487,817 | $ 4,538,263 | ||||
Liquidation value of preferred equity/units and redeemable equity | 433,507 | 434,344 | 434,318 | 429,271 | 424,393 | ||||
Consolidated debt | 4,396,799 | 4,549,130 | 4,774,283 | 4,044,499 | 4,028,382 | ||||
Consolidated market capitalization | $ 8,560,114 | $ 8,938,702 | $ 8,053,055 | $ 7,961,587 | $ 8,991,038 | ||||
SLG share of unconsolidated JV debt | 5,984,210 | 5,987,615 | 5,997,411 | 5,897,198 | 5,805,174 | ||||
Market capitalization including SLG share of unconsolidated JVs | $ 14,544,324 | $ 14,926,317 | $ 14,050,466 | $ 13,858,785 | $ 14,796,212 | ||||
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) | 1.80x | 1.70x | 1.71x | 1.81x | 1.86x | ||||
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) | 1.64x | 1.55x | 1.56x | 1.65x | 1.69x |
(Dollars in Thousands Except Per Share)
As of or for the three months ended
9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | |||||
Selected Balance Sheet Data Real estate assets before depreciation | $ 7,098,684 | $ 7,331,106 | $ 7,612,191 | $ 7,159,632 | $ 7,135,236 | ||||
Debt and preferred equity investments | 113,087 | 113,085 | 118,083 | 168,358 | 171,412 | ||||
Investments in unconsolidated joint ventures | 2,886,984 | 2,849,912 | 2,723,563 | 2,819,778 | 2,818,685 | ||||
Consolidated debt fund investments | 434,219 | 379,004 | 293,243 | 152,958 | 73,402 | ||||
Cash and cash equivalents | 186,439 | 180,788 | 143,867 | 155,747 | 187,039 | ||||
Investment in marketable securities | 21,166 | 21,273 | 25,330 | 23,666 | 16,099 | ||||
Total assets | 11,785,661 | 11,809,001 | 11,981,740 | 11,277,630 | 11,335,379 | ||||
Consolidated fixed rate & hedged debt | 3,409,386 | 3,619,708 | 4,108,672 | 3,678,450 | 3,603,866 | ||||
Consolidated variable rate debt | 987,413 | 929,422 | 665,611 | 366,049 | 424,516 | ||||
Total consolidated debt | 4,396,799 | 4,549,130 | 4,774,283 | 4,044,499 | 4,028,382 | ||||
Deferred financing costs, net of amortization | (29,965) | (32,386) | (35,673) | (13,063) | (13,632) | ||||
Total consolidated debt, net | 4,366,834 | 4,516,744 | 4,738,610 | 4,031,436 | 4,014,750 | ||||
Total liabilities | 7,314,556 | 7,390,991 | 7,620,208 | 6,924,540 | 6,933,882 | ||||
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt | 8,662,298 | 8,876,061 | 9,372,652 | 9,092,996 | 8,930,609 | ||||
Variable rate debt, including SLG share of unconsolidated JV debt (1) | 1,246,634 | 1,188,643 | 920,611 | 370,270 | 424,516 | ||||
ASP debt, including SLG share of unconsolidated ASP JV debt | 472,077 | 472,041 | 478,431 | 478,431 | 478,431 | ||||
Total debt, including SLG share of unconsolidated JV debt | $ 10,381,009 | $ 10,536,745 | $ 10,771,694 | $ 9,941,697 | $ 9,833,556 |
(1) Does not reflect floating rate debt and preferred equity investments that provide a hedge against floating rate debt.
Unaudited(Dollars in Thousands Except Per Share)
As of or for the three months ended
9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | |||||
Selected Operating Data | |||||||||
Property operating revenues | $ 185,933 | $ 191,882 | $ 186,876 | $ 183,313 | $ 168,536 | ||||
Property operating expenses | (107,788) | (109,583) | (110,313) | (109,794) | (101,406) | ||||
Property NOI | $ 78,145 | $ 82,299 | $ 76,563 | $ 73,519 | $ 67,130 | ||||
SLG share of unconsolidated JV Property NOI | 137,100 | 126,175 | 119,941 | 119,852 | 124,381 | ||||
Property NOI, including SLG share of unconsolidated JV Property NOI | $ 215,245 | $ 208,474 | $ 196,504 | $ 193,371 | $ 191,511 | ||||
SUMMIT Operator revenue | 34,655 | 31,509 | 24,142 | 35,920 | 32,883 | ||||
Investment income, including SLG share of unconsolidated JVs | 3,169 | 3,438 | 2,770 | 2,994 | 8,319 | ||||
Income (loss) from consolidated debt fund investments, net | 2,166 | 5,990 | 2,478 | (3,222) | 1,176 | ||||
Fee & other income, including SLG share of unconsolidated JVs | 38,638 | 28,341 | 30,449 | 46,301 | 33,471 | ||||
Loss (gain) on early extinguishment of debt, including SLG share of unconsolidated JVs | - | - | (4,796) | - | 57,187 | ||||
SUMMIT Operator expenses | (42,936) | (25,520) | (24,942) | (33,794) | (35,959) | ||||
Loan loss and other investment reserves, net of recoveries | - | - | - | - | - | ||||
Transaction costs, including SLG share of unconsolidated JVs | (228) | (17) | (284) | (341) | (13,129) | ||||
Marketing general & administrative expenses | (23,253) | (22,781) | (22,786) | (22,306) | (23,701) | ||||
Income taxes, including SLG share of unconsolidated JVs | (1,757) | 1,693 | (1,045) | 2,305 | 137 | ||||
EBITDAre | $ 225,699 | $ 231,127 | $ 202,490 | $ 221,228 | $ 251,895 | ||||
Manhattan Properties | |||||||||
Property operating revenues | $ 179,980 | $ 187,399 | $ 182,083 | $ 178,189 | $ 164,342 | ||||
Property operating expenses | 96,262 | 96,896 | 97,548 | 98,034 | 88,987 | ||||
Property NOI | $ 83,718 | $ 90,503 | $ 84,535 | $ 80,155 | $ 75,355 | ||||
Other income - consolidated | $ 1,811 | $ 2,429 | $ 964 | $ 2,610 | $ 1,665 | ||||
SLG share of property NOI from unconsolidated JVs | $ 137,214 | $ 126,298 | $ 120,056 | $ 127,442 | $ 124,737 | ||||
Office Portfolio Statistics (Manhattan Operating Properties) | |||||||||
Consolidated office buildings in service | 16 | 17 | 17 | 16 | 16 | ||||
Unconsolidated office buildings in service | 10 | 10 | 10 | 10 | 10 | ||||
26 | 27 | 27 | 26 | 26 | |||||
Consolidated office buildings in service - square footage | 9,748,552 | 10,102,852 | 10,102,852 | 9,480,852 | 9,788,852 | ||||
Unconsolidated office buildings in service - square footage | 13,868,633 | 13,868,633 | 13,868,633 | 13,868,633 | 13,560,633 | ||||
23,617,185 | 23,971,485 | 23,971,485 | 23,349,485 | 23,349,485 |