SL Green Realty Corp: Strong 2Q26 Beat & Guidance Raise; Pricing Power Accelerates

研报英文原文证据摘录

SL Green Realty Corp: Strong 2Q26 Beat & Guidance Raise; Pricing Power Accelerates

Deutsche Bank

Research

Rating Company Date

Buy SL Green Realty Corp 22 July 2026

North America Reuters Bloomberg Rating Buy

United States SLG.N SLG US Price target (USD) 55.00 Price at 22 Jul 26 50.12

52-week range 65.67 – 25.89

Financial

REITs Valuation & Risks

Strong 2Q26 Beat & Guidance Raise; Pricing

Power Accelerates PeterResearchAbramowitzAnalyst

+1-212-250-9504

Key Takeaways

Omotayo Okusanya SLG reported strong 2Q26 results. The headline FFO beat ($1.43 vs. Research Analyst

DB/consensus $1.17/$1.21) was largely driven by a basis adjustment related to +1-212-250-9284

incremental earnings at One Vanderbilt (a +32c tailwind), but we note

consolidated NOI also exceeded our estimate (+3c), while economic occupancy

increased +300 bps Q/Q. The strong quarter drove a FY26 FFO/sh guidance raise

to $5.60-$5.90, +$1.20 at the updated midpoint of $5.75 (above DB/consensus

$4.59/$4.57); while 80c of the $1.20 raise was driven by the aforementioned

additional earnings at One Vanderbilt that likely weren’t in consensus, the

remaining +40c came from higher-than-expected NOI, incremental fees and

other income and would have exceeded consensus, even without the additional

One Vanderbilt contribution.

Leasing volume of 445K SF declined vs. the TTM avg of 724K, which likely reflects

limited available space as the portfolio reached mid-90s occupancy; overall, 1H26

leasing of 1.4M SF puts SLG on track to exceed its FY26 target of 1.7M SF. With

the occupancy story now better understood by the market, we think the next leg

up for the stock is pricing power, and SLG delivered on that front in 2Q26: cash

mark-to-market of +18.0% was the second consecutive quarter in the mid-teens