SLG · SL Green Realty Corp.

SL Green Realty Corp. reported a significantly wider net loss for the first quarter of 2026 compared to the same period last year, driven by higher expenses including depreciation, amortization, and interest costs, as detailed in the consolidated statements of operations. The company's Funds From Operations (FFO), a key non-GAAP metric for REITs, also declined year-over-year, primarily due to the absence of a $25.0 million one-time gain from a commercial mortgage investment resolution recorded in the prior year period. Management highlighted strong operational performance in its core Manhattan office portfolio, with same-store cash NOI increasing 2.6% and occupancy rising to 94.4%. Leasing activity was robust, setting a first-quarter record with 51 leases signed at a mark-to-market increase of 16.1% on replacement leases, indicating positive rental rate momentum. The company completed significant financing activities, including a $1.65 billion refinancing for One Madison Avenue and an extension of its corporate credit facility, which reduced borrowing costs. Despite the quarterly loss, management reaffirmed its full-year 2026 FFO guidance, signaling confidence in the underlying business performance and the benefit of recent leasing successes. The annual ordinary dividend was set at $2.47 per share, with the first quarterly installment paid in April.