Abstract

SL Green Realty Corp. will release its quarterly results on January 28, 2026 Post Market; this preview consolidates recent financial performance, company guidance, and institutional expectations to frame revenue, margin, and EPS trajectories alongside main business dynamics and market sentiment.

Market Forecast

Consensus and company-indicated projections point to SL Green Realty Corp.’s current quarter revenue at USD 154.97 million with an estimated year-over-year increase of 6.06%, forecast EBIT at USD 104.24 million with an estimated year-over-year increase of 26.40%, and projected adjusted EPS at USD -0.42 with an estimated year-over-year decline of 55.56%. Forecast highlights suggest leasing and associated operating income remain the core drivers, with margins stabilizing after recent volatility; the near-term outlook emphasizes continued recovery in operating performance and selective asset monetization. The most promising segment appears to be leasing, which previously generated USD 168.54 million with a supportive YoY trend implied by improved rent collections and occupancy initiatives.

Last Quarter Review

SL Green Realty Corp. recorded last quarter revenue of USD 149.67 million, a gross profit margin of 41.68%, GAAP net profit attributable to the parent company of USD 30.77 million, a net profit margin of 13.06%, and adjusted EPS of USD 0.31 with a year-over-year increase of 247.62%. A notable highlight was EBIT of USD 109.55 million, which exceeded estimates by USD 3.07 million, indicating operating resilience and effective cost control. Main business highlights centered on leasing revenue of USD 168.54 million, supported by operational contributions from Summit operations at USD 32.88 million and interest from securitized real estate loans at USD 10.84 million, demonstrating diversified income streams.

Current Quarter Outlook

Main Leasing and Operating Income

Leasing remains SL Green Realty Corp.’s principal revenue engine, and the prior quarter’s USD 168.54 million in leasing revenue underscores the scale of recurring cash flows. The forecasted revenue uptick to USD 154.97 million should be contextualized against seasonality and disposition timing, with EBIT forecast at USD 104.24 million indicating continued operating leverage despite a softer EPS guide. Gross margin stability near the last reported 41.68% would be consistent with steady rent collections and careful expense management. A key driver this quarter is the volume and pricing of lease commencements and renewals across Midtown Manhattan assets, where incremental occupancy improvements can sustain cash NOI growth and buffer headline EPS against non-cash or timing effects.

Most Promising Segment: Core Leasing

The leasing segment’s momentum is supported by embedded contractual escalations, targeted amenity investments in flagship properties, and ongoing tenant flight-to-quality within major urban office corridors. While the quarter’s EPS guide at USD -0.42 signals potential non-recurring or timing-related items, the operational read-through from EBIT growth of 26.40% YoY suggests that property-level performance is improving on a comparable basis. Management’s focus on high-quality assets and active leasing pipelines should sustain revenue resilience, particularly at stabilized towers, while sublease recaptures and consolidations can promote net effective rent improvements. This segment’s contribution is framed by last quarter’s leasing revenue base of USD 168.54 million and remains central to the company’s short-term performance narrative, supported by selective capital recycling.

Stock Price Drivers This Quarter

The primary near-term stock price drivers are headline EPS relative to the USD -0.42 forecast, leasing velocity and signed rent spreads, and any updates on asset sales or joint ventures that affect net debt and liquidity. A beat on EBIT or revenue versus the USD 104.24 million and USD 154.97 million forecasts would likely reinforce operational confidence even if GAAP EPS reflects timing differences or non-cash adjustments. Conversely, slower-than-expected leasing or adverse rent roll dynamics could compress margins and challenge the path to sustained NOI growth. Investor attention will also center on progress in occupancy stabilization, incremental cash flow from Summit operations, and the cadence of securitized-loan interest income, all of which can modulate quarter-to-quarter variability in reported EPS.

Analyst Opinions

Institutional commentary collected over the recent period skews cautiously positive, with a majority of analysts highlighting operational stabilization and improved leasing pipelines as supportive for near-term EBIT and revenue outcomes. Notably, several well-followed research desks point to the forecast EBIT increase of 26.40% year-over-year as a constructive indicator of property-level traction despite conservative EPS guidance. The prevailing view emphasizes that sustained leasing activity at flagship assets, along with disciplined expense control, positions SL Green Realty Corp. to deliver a healthier operating print even if GAAP or adjusted EPS is temporarily dampened by timing or non-operating items. These analysts underscore the importance of tracking rent commencement schedules and occupancy milestones through the first half of the year, arguing that sequential momentum in signed leases and net effective rents will be the validation point for the current quarter’s outlook and for bridging to a more durable earnings trajectory.