SLG earnings analysis
What we found in SLG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS Surpasses Estimates
- Reported EPS of 0.84 beat the estimated -0.14 by 707%.
- Revenue Decline Yet Positive from Acquisitions
- Total revenues of $253 million decreased 9.5% year-over-year, reflecting lower rental income offsets by acquisitions.
- Segment Growth in SUMMIT Operator Revenue
- SUMMIT Operator revenue increased by 7.1% to $24.1 million due to improved performance.
- Improved Interest Income
- Interest income from loans in Q1 2026 was $14.6 million, a decline of 8.8% from the previous year.
- Significant Liquidity Maintained
- As of March 31, 2026, liquidity stood at $600 million, including $169.2 million in cash.
- Decreased Property Operating Expenses
- Property operating expenses dropped 7.3% to $110.2 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Vacancy Rates
- Potential demand reduction led to increased vacancy pressures, impacting future revenue.
- Rising Interest Costs
- Weighted average interest rate rose to 5.25%, which could increase costs for new borrowing.
- Sustained Losses
- Net loss for the quarter was $84.4 million, a significant increase of 260% compared to the year prior.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.84
What they said about what is next.
Management anticipates focusing on asset management and operational efficiencies to address challenges.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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