Abstract

SL Green Realty Corp. will report quarterly results on April 15, 2026 Post Market, with consensus pointing to higher revenue and focus centered on leasing momentum, operating cash flows, and the impact of recent refinancing and asset monetization on earnings quality and guidance trajectory.

Market Forecast

Consensus for the current quarter calls for revenue of 168.80 million US dollars, up 10.06% year over year, EBIT of 99.45 million US dollars, roughly flat year over year by -0.01%, and EPS of -0.71, implying a year-over-year change of -58.66%. There is no explicit margin outlook provided by the company or reflected in consensus inputs, so current-quarter gross margin and net margin are not guided.

Management execution continues to emphasize lease-up and rent commencement across the portfolio, which is expected to support core revenue and cash flow durability this quarter while setting up a steadier run-rate into the back half of the year. The most promising operating contribution remains leasing, with last quarter’s leasing-related revenue at 159.82 million US dollars; experiential operations at SUMMIT One Vanderbilt generated 35.92 million US dollars last quarter and are positioned for incremental improvement as a complementary revenue stream.

Last Quarter Review

SL Green reported revenue of 159.82 million US dollars in the previous quarter, down 35.00% year over year, with a gross profit margin of 42.84%, a GAAP net loss attributable to shareholders of 98.66 million US dollars, a net margin of -39.27%, and reported EPS of -1.32.

A key earnings-quality highlight was adjusted funds performance, with FFO per share of 1.13, modestly ahead of consensus, underscoring resilient core property cash flows despite accounting-driven net losses. On business mix, leasing generated 159.82 million US dollars; SUMMIT One Vanderbilt operations contributed 35.92 million US dollars; escalations and reimbursements were 23.50 million US dollars; interest on real estate loans held by consolidated securitization vehicles contributed 14.87 million US dollars; investment income was 2.57 million US dollars; and other revenue totaled 39.80 million US dollars.

Current Quarter Outlook

Leasing and property operating drivers

Leasing is poised to remain the core revenue engine this quarter, supported by a high volume of executed deals since the start of the year and continued interest from high-credit tenants. The company announced 490,000 square feet of office leases signed in the first two months of 2026 and described its first quarter as tracking toward record portfolio leasing activity exceeding 900,000 square feet, which should improve visibility into future rent commencement and occupancy mix. One Madison Avenue reached 100% leased following Harvey AI’s 93,000-square-foot expansion, adding to a roster of named tenants and elevating the asset toward full cash-on-cash contribution as free rent burns off over time.

For the quarter being reported, the magnitude and timing of rent commencement will be a key determinant of whether revenue meets or exceeds the 168.80 million US dollars consensus. The prior quarter’s GAAP net loss reflects depreciation, interest expense, and non-cash items that can mask underlying property-level cash strength, so investors will be parsing operating metrics such as same-property cash NOI, leased vs occupied spreads, and the cadence of lease commencements. Given the reported quarter-on-quarter net profit change of -420.67%, the setup suggests that sequential EPS may remain pressured, but stabilized leasing, higher occupancy at key properties, and improving free-rent roll-off should form a base for better operating leverage as the year progresses.

Experiential and fee-based income

SUMMIT One Vanderbilt contributed 35.92 million US dollars of revenue last quarter, and momentum in tourism and corporate events should underpin a steadier experiential run-rate. The segment provides diversification relative to pure rent collections and can help offset seasonal troughs in office-related fee income. While the company has not provided formal year-over-year growth targets for this business, recent operating commentary points to a supportive demand backdrop.

The outlook this quarter hinges on converting foot traffic into ticket revenue and event bookings while sustaining pricing power. In addition, marketing partnerships and programming can lengthen dwell times and increase per-visitor spend, which enhances overall contribution margin. Investors will look for color on booked events pipeline and seasonality commentary to gauge the durability of this revenue stream into midyear.

Capital structure, refinancing progress, and interest expense trajectory

The company finalized 1.65 billion US dollars of five-year, fixed-rate financing at One Madison Avenue at 5.81%, replacing the construction loan and improving cost-of-capital visibility at a flagship asset. Management highlighted more than 4.50 billion US dollars of financing and refinancing activity year-to-date as part of a broader 7.00 billion US dollars annual plan, which indicates a proactive approach to managing maturities and liquidity. Additionally, the sale of 7 Dey Street monetized residential and retail components while retaining the office portion, and a private issuance of 252,000 Series Y preferred units with a 5.00% cash distribution shows the company utilizing multiple capital channels to balance asset-level and corporate funding needs.

For this quarter’s print, the net impact of refinancings and asset sales on interest expense, gains or losses on dispositions, and debt maturities will be central to the EPS bridge relative to last quarter. A key variable will be whether the new fixed-rate debt and asset-level transactions stabilize interest costs sufficiently to offset the drag from higher average rates across the debt stack. Commentary on the pace of executing the remaining financing plan and any updates on capital recycling could influence both earnings quality and the path for adjusted metrics such as FFO and AFFO in subsequent quarters.

Analyst Opinions

Bullish views constitute the clear majority among directional ratings in the period from October 2025 through April 2026, with several well-known institutions maintaining or initiating Buy calls and upgrades, while no major “Sell” or “Underperform” calls were flagged in this window. On balance, the ratio of bullish to bearish opinions skews decisively positive, as sell-side research has emphasized the combination of leasing execution, capital-markets progress, and improving visibility on cash flows.

Deutsche Bank upgraded the stock to Buy in mid-March, highlighting improved conviction that execution on leasing and asset-level financing can translate into steadier earnings and cash generation; the new Buy rating was paired with a price target of 44.00 US dollars. Evercore ISI reiterated a Buy with a 72.00 US dollars price target, underscoring the upside potential from stabilized trophy assets and the runway to harvest cash-on-cash returns as concessions roll and rent commencements accelerate. Piper Sandler maintained a Buy and a 67.00 US dollars price target, citing evidence of improving operational momentum and the potential for valuation normalization as balance sheet de-risking advances. BMO Capital repeated its Buy stance and articulated a thesis centered on leasing traction, balance sheet reshaping, and an undervalued path to recovery as multi-asset execution compounds into operating metrics.

From an earnings-preview standpoint, the bullish camp expects this quarter’s revenue to land near the 168.80 million US dollars consensus, supported by the step-up in executed leases year-to-date and the full lease-up of One Madison Avenue. On the profitability line, bulls acknowledge that GAAP EPS will remain constrained by depreciation and higher interest expense, but they anticipate that reported FFO and cash NOI should demonstrate resilience consistent with the latest leasing disclosures. Within this framework, upside could come from stronger-than-modeled rent commencements, fee income stabilization, or lower-than-feared interest expense as new financing terms settle, while downside risk would likely stem from timing of commencements or transaction-related items rather than core property performance.

In terms of what the bullish side will evaluate inside the release and on the call, three markers stand out. First, confirmation that leasing volumes translate into a visible rent commencement pipeline feeding into the second half of 2026, including updates on free-rent burn-off and tenant improvements schedules. Second, clarity on the financing pipeline beyond the 1.65 billion US dollars refinancing already secured, including any incremental hedging and the timing of remaining asset-level transactions targeted under the annual plan. Third, transparency on adjusted metrics, specifically FFO and AFFO bridges, to demonstrate how core cash earnings can track above the GAAP loss line given depreciation and non-cash charges. If the company delivers on these markers, bulls argue the stock’s narrative could continue to pivot toward steady-state cash generation, improving the probability of meeting or modestly exceeding full-year internal objectives.