SL Green Realty Corp.: 2Q26 Earnings – SSNOI continues to improve

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SL Green Realty Corp.: 2Q26 Earnings – SSNOI continues to improve

Equity Research

U.S. REITs

22 July 2026

SL Green Realty Corp.

2Q26 Earnings – SSNOI continues

to improve

SLG appears positioned for accelerating SSNOI growth given SLG EQUAL WEIGHT

higher occupancy and improving lease terms, despite softer U.S. REITs NEUTRAL

leasing in the Q. Noise in reported FFOps challenges Price Target USD 52.00

Price (22-Jul-26) USD 50.12

comparison to consensus, but the reported $1.43 beat by 22c. Potential Upside/Downside +3.8%

SLG raised 2026 FFOps guidance to $5.75 at the midpoint (+ Source: Bloomberg, Barclays Research

$1.20).

Brendan Lynch, CFA

Our view: The narrowing gap between leased occupancy and economic occupancy (560bp in +1 212 526 9428

2Q26 vs. 840bp in 1Q26) supports an acceleration in same-store growth going forward. We brendan.lynch@barclays.com

anticipate this gap will continue to narrow following several quarters of strong leasing activity. BCI, US

Leasing volume of 445k sqft in 2Q26 was below the trailing 4-quarter average of 700k and fell Annabelle Ayer

-18% y/y. However, the company signed an additional 98k sqft lease in July, bringing YTD leasing +1 212 526 7387

to 1,479k sqft (+17% y/y). Naturally, the pace of leasing may decelerate going forward as SLG's annabelle.ayer@barclays.com

portfolio fills up, but lease terms will likely become increasingly favorable. Second-gen rents BCI, US

increased +18% y/y in 2Q26, an improvement from +16% in 1Q26 and +6% in 4Q25. Concessions Eileen Gao

also tightened, including TIs of $10/sqft/year (vs. $11 TTM average) and 0.8 months of free rent +1 212 526 7836

per year (vs. 1.0). The combination of higher economic occupancy and improving lease terms eileen.gao@barclays.com