SL Green Realty (SLG) Q3 2026 Earnings Call: Occupancy Reaches 95%
Source Tradingkey
Key Takeaways
- SL Green Realty Corp. (NYSE: SLG) completed more than 2 million square feet of leasing year to date, lifting leased occupancy to 95%. Average rents were approximately 15% above previous rents, while same-store NOI growth exceeded 4%.
- The leasing pipeline increased to 1.3 million square feet. About 840,000 square feet was under active lease negotiation, and management indicated mark-to-market rents above 20%.
- The company completed more than $7 billion of its 2026 financing plan, including the $2 billion refinancing of 245 Park Avenue. Management said this leaves limited financing work for 2027.
- SL Green has completed more than $1 billion of dispositions and joint ventures on a pro rata basis toward its $2.5 billion objective. Some remaining transactions could move into the first half of 2027.
- Higher interest rates and transaction timing reduced second-half guidance by $0.25 per share. Management attributed approximately $0.20 to interest expense and $0.05 to fee income.
- Management maintained its objective for 2027 same-store cash NOI growth of more than 10%, despite a stronger 2026 comparison base and inflationary operating costs.
Key Financial Data
| Metric | Q3 2026 earnings call update | Management commentary |
|---|---|---|
| Year-to-date leasing | More than 2 million sq. ft. | Leased occupancy reached 95% |
| Average rent increase | Approximately 15% | Compared with previous rents |
| Same-store NOI growth | More than 4% | Supported by occupancy and rent growth |
| Leasing pipeline | 1.3 million sq. ft. | Includes about 840,000 sq. ft. in active lease negotiations |
| Pipeline mark-to-market | More than 20% | Described by management as “very, very healthy” |
| 2026 financing completed | More than $7 billion | Includes the $2 billion refinancing of 245 Park Avenue |
| Dispositions and JVs completed | More than $1 billion pro rata | Full program objective remains $2.5 billion |
| Guidance impact from rates and timing | $0.25 per share | Approximately $0.20 from interest expense and $0.05 from fee income |
| Hospitality platform transaction | $40 million of proceeds | A 20% stake was sold at a $200 million valuation and 20x full-year FFO |
| 2027 same-store cash NOI objective | More than 10% growth | Reaffirmed by management |
Business and Operating Performance
Manhattan leasing
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