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- **Record Leasing Momentum**: Economic occupancy up 300 bps, Manhattan office market leased 50M sq ft in four quarters, AI tenants securing 100K sq ft at 11 Madison.
- **One Vanderbilt Windfall**: $0.80 FFO contribution in 2026, $0.35 realized in Q2, driven by deferred cash profits and GAAP basis reset.
- **FFO Guidance Hike**: $1.20/share (26% increase), reflecting operational excellence and One Vanderbilt's cash flow bonanza.
- **SUMMIT Expansion**: Paris (2027) and Tokyo (2030) openings planned, with global SUMMIT expansion to continue post-2026.
- **Financial Resilience**: 90% debt hedged, cost containment driving 5% YoY expense decline, and 18% cash rent spread growth.

**【CEO Summary Section】**
- **Revenue Growth and Market Momentum**: Economic occupancy increased by 300 basis points, driven by reduced concessions and declining vacancy. The Manhattan office market leased 50 million sq ft over four quarters, a record pace. Tech, financial services, and healthcare sectors are leading demand, with AI tenants securing 100,000 sq ft at 11 Madison.
- **One Vanderbilt Success**: Fully leased with record cash flow, contributing $0.80 of FFO in 2026. GAAP net income exceeded expectations, and the company is on track to open SUMMIT in Paris (2027) and Tokyo (2030).
- **Citywide Economic Strength**: Wall Street profits up 50% YoY, office-using jobs +12,000 year-to-date, and venture capital funding doubling Q2 2026 vs. Q2 2025.

**【CFO Financial Commentary】**
- **FFO Guidance Revision**: Raised by $1.20/share (26%), including $0.80 from One Vanderbilt's deferred cash profits. Second-quarter FFO included $0.35 from One Vanderbilt and $0.10 from operational improvements.
- **Expense Control**: Operating expenses down 5% YoY, with $0.20/share FFO from reduced leasing costs and accelerated GAAP revenue recognition.
- **Balance Sheet Strength**: 90% of debt hedged against rising rates, with a focus on long-term fixed-rate financing.

**【Q&A Highlights】**
- **Leasing Pipeline**: 900,000 sq ft in active deals (50% renewals, 50% new), with 400,000 sq ft in advanced negotiations. Early renewals and free build space leases are driving immediate FFO growth.
- **SUMMIT Performance**: Q2 attendance near pre-pandemic levels, with new ticketed experiences and plans to expand globally.
- **Capital Markets**: $600 million deployed in debt fund, with CMBS spreads tightening for trophy office assets. 245 Park Avenue refinancing expected to close in Q3.
- **Risk Management**: 1%-2% portfolio exposure to AI tenants, focused on Midtown South. No material impact from recent construction incidents at neighboring properties.


SLG

SLG

SL Green Realty (SLG) Financials Overview

SLG Q2 2026 Earnings

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