SL Green Realty Corp. reported results for the quarter ended September 30, 2026, and announced an increase to its full-year guidance for both net income and Funds From Operations (FFO).
For the third quarter of 2026, the company reported net income attributable to common stockholders of $72.2 million, or $1.01 per share. This compares to net income of $24.9 million, or $0.34 per share, for the same period in 2025. Funds from operations (FFO) for the quarter were $122.1 million, or $1.59 per share, compared to $120.4 million, or $1.58 per share, in the prior year.
The company revised its previously announced guidance for the year ending December 31, 2026. Net income per share (diluted) is now expected to be between $0.40 and $0.60, up from the prior range of $0.20 to $0.50. FFO per share (diluted) is expected to be between $6.50 and $6.70, up from the prior range of $5.60 to $5.90. The increase in FFO guidance reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in a food and beverage hospitality entity, offset by $0.25 per share attributable to the higher interest rate environment.
SL Green also reported significant leasing activity in its Manhattan office portfolio. In the third quarter, the company signed 38 office leases totaling 591,108 square feet. The average rent on these leases was $105.75 per rentable square foot. The mark-to-market on replacement leases signed in the third quarter was 13.6% higher than previous rents. Manhattan same-store office occupancy increased to 95.0% as of September 30, 2026.
In terms of investment activity, the company entered into a contract to sell 110 Greene Street for $226.0 million, with expected net proceeds of approximately $216.0 million. The company also closed on the sale of 10 East 53rd Street for $312.2 million, receiving net cash proceeds of $99.0 million. Additionally, the company closed on the sale of a 20% joint venture interest in its food and beverage operations for $40.0 million in proceeds.
Regarding financing, SL Green and its joint venture partner closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing carries an interest rate of 6.52%.
