SL Green Realty Corp. (SLG) Earnings Call Transcripts

SL Green Realty Corp.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, SL Green Realty Corp. (SLG:US) reported a record leasing performance, signing 51 leases totaling 930,000 square feet with a mark-to-market increase of 16%. Revenue and earnings figures were in line with expectations, with management raising their year-end same-store occupancy target from 94.8% to 95%. The company continues to navigate a tight office market, with a vacancy rate for trophy buildings dropping to 3.4%, indicating strong demand amidst limited supply. Management expressed optimism about macroeconomic conditions and their ongoing development projects, which could further enhance earnings moving forward.

Reported metrics

Guidance from management

Management raised their year-end same-store occupancy target to 95% and expects same-store cash NOI growth of 10% for 2027. They remain optimistic about the economic environment and ongoing development projects.

What management said

It's Matt. So we increased in our press release last night, our year-end same-store occupancy target from 94.8% to 95%. So we've gotten the upside there. Mark-to-market, we had a health objective. It was clearly a very healthy number in the first quarter. We still got 9 months to go, but well on track for our objective there. We typically don't revisit leasing objectives after just 3 months. You kind of want to get a...

Sure, I'll give you a flippant answer, but it's the truth. It's obviously going up sequentially over the course of the next 3 quarters to get to that 89% objective that we set up for the end of the year. We're on the path for that, which then sets up to our 10% same-store cash NOI growth objective for 2027. All in all, the first quarter on every metric we look at was on or ahead of our expectations as the leasing met...

What analysts pressed on

Analysts expressed concerns regarding the gap between leased occupancy and economic occupancy, currently at 94.4% and targeted at 95%. There were also inquiries about the impact of rising interest rates on future cash flows and the sustainability of current leasing momentum amidst potential economic headwinds.

Main topics on the call

• Record Leasing Activity — SL Green achieved its largest first quarter in history, signing 51 leases totaling 930,000 square feet. The mark-to-market increase of 16% on these leases indicates strong demand relative to supply. Management stated, "T...
• Strong Economic Indicators — New York City's tax revenues reached $80 billion in 2025, a 16% increase from pre-pandemic levels, signaling a robust local economy. Management noted, "The business climate in New York remains really good," which support...
• Development Pipeline Progress — SL Green is rapidly advancing its development project at 346 Madison, with plans to file for land use approval by year-end. Management emphasized, "This presents us with one of the most favorable dynamics that we've seen...
• Dispositions and Capital Markets — The company is on track with its $2.5 billion disposition plan, having entered into contracts for several components. Management noted, "We took advantage of compelling opportunities in the credit market via our debt fun...

Read the full SL Green Realty Corp. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 44 SL Green Realty Corp. earnings call transcripts on record, spanning January 23, 2020 to July 23, 2026. Based on this history, SL Green Realty Corp. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SLG

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Office REITs

Calls on record

44

First call

January 23, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly