SL Green Realty Q3 net income jumps, lifts FY profit guidance

Overview

• US office landlord's Q3 net income per share rose to $1.01 from $0.34 yr/yr

• Q3 FFO per share increased slightly to $1.59 from $1.58 yr/yr

• Company raised 2026 FFO and net income guidance, citing joint venture sale and higher rates

Outlook

• SL Green raises 2026 FFO guidance to $6.50-$6.70 per share

• Company lifts 2026 net income guidance to $0.40-$0.60 per share

Result Drivers

• HIGHER OFFICE INCOME - Co said Manhattan same-store cash NOI rose 5.0% in Q3, driven by rental and occupancy gains

• RENTAL RATE GAINS - Co reported signed Manhattan office leases at rents 13.6% above prior leases in Q3

• OCCUPANCY IMPROVEMENT - Manhattan same-store office occupancy increased to 95.0% at quarter end

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy."

• Wall Street's median 12-month price target for SL Green Realty Corp is $56.25, about 20.5% above its October 21 closing price of $46.68

Reuters Recommended Reads

• Oct 20 - Agree Realty Q3 net income per share up 18.5%; raises FY26 AFFO guidance

• Oct 21 - Essential Properties Q3 AFFO per share rises, lifts 2026 outlook

• Oct 21 - Getty Realty Q3 rental income rises 13.8% on acquisitions, lifts FY guidance

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)