10-K · February 17, 2026
SL Green emphasizes a Manhattan-focused office strategy (ownership, development, repositioning and debt investments) and highlights high occupancy in its core assets (Manhattan office leased occupancy 93.0% as of…
Earnings analysis · 10-Q
SLG earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
SL Green Realty Corp. reported Q1 2026 results with notable improvements in EPS, which came in at $0.84 compared to an estimate of -$0.14, representing a significant beat. Revenues decreased by 9.5% year-over-year to…
Read full summary
SL Green Realty Corp. reported Q1 2026 results with notable improvements in EPS, which came in at $0.84 compared to an estimate of -$0.14, representing a significant beat. Revenues decreased by 9.5% year-over-year to $253 million, below expectations, due to falling rental income. We observed mixed performance across segments and increased property-related expenses, while maintaining appropriate liquidity levels.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.84
What stood out
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EPS Surpasses Estimates
Reported EPS of 0.84 beat the estimated -0.14 by 707%.
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Revenue Decline Yet Positive from Acquisitions
Total revenues of $253 million decreased 9.5% year-over-year, reflecting lower rental income offsets by acquisitions.
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Segment Growth in SUMMIT Operator Revenue
SUMMIT Operator revenue increased by 7.1% to $24.1 million due to improved performance.
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Improved Interest Income
Interest income from loans in Q1 2026 was $14.6 million, a decline of 8.8% from the previous year.
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Significant Liquidity Maintained
As of March 31, 2026, liquidity stood at $600 million, including $169.2 million in cash.
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Decreased Property Operating Expenses
Property operating expenses dropped 7.3% to $110.2 million year-over-year.
What to watch
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Increased Vacancy Rates
Potential demand reduction led to increased vacancy pressures, impacting future revenue.
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Rising Interest Costs
Weighted average interest rate rose to 5.25%, which could increase costs for new borrowing.
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Sustained Losses
Net loss for the quarter was $84.4 million, a significant increase of 260% compared to the year prior.
Management's outlook
Management anticipates focusing on asset management and operational efficiencies to address challenges.
Earlier filings 4
10-Q · November 3, 2025
SL Green reported Q3 2025 total revenues of $244,817 (in thousands), up 6.6% year-over-year from $229,691, and delivered diluted EPS of $0.34 versus $(0.21) in Q3 2024. Operating/working-capital dynamics are mixed: cash…
10-K · February 23, 2024
SL Green positions itself as Manhattan's largest owner of office real estate, focused on leasing, acquisition, redevelopment and debt/preferred equity investments to maximize total return. The 10-K shows a large,…
10-Q · November 6, 2023
SL Green reported a quarter of declining operating performance: total revenues were $173,220 (in thousands) in Q3 2023 vs $212,456 in Q3 2022 and the company recorded a net loss of $(21,694) (in thousands) for the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.