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SL Green Realty Reports Q1 2026 Earnings, Sees Occupancy Gains
Manhattan office landlord SL Green posts net loss, but signs record leases and expects higher occupancy in 2026.
Apr. 16, 2026 at 8:06am
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SL Green's first quarter results highlight the resilience of the Manhattan office market, with the company signing record lease deals even as it grapples with broader economic challenges.Manhattan TodaySL Green Realty Corp., Manhattan's largest office landlord, reported a net loss of $1.20 per share for the first quarter of 2026, compared to a net loss of $0.30 per share in the same period last year. However, the company saw strong leasing activity, signing 51 Manhattan office leases totaling 929,264 square feet - the highest volume ever achieved during the first quarter in the company's 28-year history. SL Green also expects to increase Manhattan same-store office occupancy to 95% by the end of 2026.
Why it matters
As one of the largest commercial real estate owners in New York City, SL Green's quarterly results and leasing activity provide important insights into the health of the Manhattan office market. The company's ability to sign new leases and increase occupancy despite the net loss indicates resilience in the face of broader economic challenges.
The details
SL Green reported funds from operations (FFO) of $0.84 per share for the first quarter, down from $1.40 per share a year earlier. The company cited a $4.8 million write-off of unamortized deferred financing costs and $2 million in positive non-cash fair value adjustments on derivatives. Manhattan same-store cash net operating income increased 2.6% year-over-year, excluding lease termination income. The company also completed a $1.65 billion refinancing of One Madison Avenue and refinanced $2 billion of its $2.4 billion corporate credit facility.
- In March, SL Green entered into a contract to sell the residential and retail components of 7 Dey Street for $222.6 million.
- In February, SL Green and its joint venture partner closed on the sale of 690 Madison Avenue for $54.5 million.
The players
SL Green Realty Corp.
Manhattan's largest office landlord, a fully integrated real estate investment trust focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties.
Marc Holliday
Chairman and Chief Executive Officer of SL Green Realty Corp.
What they’re saying
“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”
— Gordon Edgar, Grocery employee
The takeaway
SL Green's strong leasing activity and occupancy gains in the first quarter demonstrate the continued resilience of the Manhattan office market, even as the company grapples with broader economic headwinds that contributed to its net loss. The company's ability to refinance debt and execute strategic transactions positions it well to navigate the current environment.
