Business Context and Reporting Period
Company: SL Green Realty Corp. (SLG)
Filing Type: Form 8-K (Current Report)
Date of Report: July 22, 2026
Reporting Period: Quarter ended June 30, 2026
Context: The filing announces second-quarter 2026 results and provides a significant upward revision to full-year 2026 financial guidance. The report includes supplemental operational data attached as exhibits.
Key Financial Metrics and Guidance
The filing focuses on revised full-year 2026 guidance rather than specific quarterly GAAP results, which are detailed in the attached press release (Exhibit 99.1). Key metrics for the year ending December 31, 2026, include:
- Net Income (Diluted) Guidance: Revised to $0.20 to $0.50 per share (up from a prior range of $(0.27) to $0.03).
- Funds From Operations (FFO) Guidance: Revised to $5.60 to $5.90 per share (up from a prior range of $4.40 to $4.70).
- Reconciliation Components (Full Year 2026):
- Depreciation and amortization: $3.53 per share.
- Joint ventures depreciation and noncontrolling interests adjustments: $3.23 per share.
- Net income attributable to noncontrolling interests: $0.28 per share.
- Depreciable real estate reserves and impairments: $0.46 per share.
- Gain on sale of real estate, net: $1.09 per share.
- Equity in net gain on sale of interest in unconsolidated joint venture: $0.95 per share.
Other Metrics: The filing defines Non-GAAP measures including Funds Available for Distribution (FAD), EBITDAre, Net Operating Income (NOI), and Cash NOI, but does not provide specific numerical values for these metrics in the text of this 8-K.
Material Changes Versus Prior Period
The most significant material change is the substantial upward revision of the 2026 full-year outlook:
- Net Income: The guidance range shifted from a potential loss of $0.27 per share to a profit of up to $0.50 per share, representing a swing of $0.77 per share at the midpoint.
- FFO: The guidance range increased by $1.20 per share at the low end and $1.20 per share at the high end compared to the previous guidance.
The filing does not provide specific comparative data for the quarter ended June 30, 2025, or the prior quarter, as those figures are contained in the attached exhibits.
Outlook, Risks, and Unusual Items
Management Commentary and Outlook: Management has revised its outlook positively, indicating improved operational performance or asset disposition results for the remainder of 2026. The company utilizes FFO, EBITDAre, and NOI as key performance indicators for senior management compensation and investor evaluation.
Risks and Contingencies: The filing includes standard disclaimers that Non-GAAP measures (FFO, FAD, EBITDAre, NOI) are not substitutes for GAAP net income or cash flow from operating activities and may not be comparable to other REITs. The information furnished under Item 2.02 and Item 7.01 is not deemed "filed" for liability purposes under Section 18 of the Exchange Act.
Unusual Items: The reconciliation table indicates significant non-cash adjustments, including $1.09 per share in gains on the sale of real estate and $0.95 per share in equity gains from joint venture sales, which are excluded from FFO calculations.
Investor Verification Checklist
- Verify the specific Q2 2026 GAAP revenue, net income, and cash flow figures in the attached Press Release (Exhibit 99.1).
- Review the Supplemental Package (Exhibit 99.2) for detailed occupancy rates, rental rate trends, and same-store NOI performance.
- Confirm the drivers behind the significant upward revision in full-year guidance (e.g., specific asset sales, lease renewals, or expense reductions).
- Assess the impact of the $1.09 per share gain on real estate sales on the company's liquidity and future recurring income.
- Check the company's debt service coverage ratios and liquidity position in the supplemental data to ensure the revised guidance is supported by cash flow.