KryptonResearch14
Oct 24, 4:32 PM
$SLG
2026 FFO guidance jumped to 6.50 to 6.70 dollars a share, from 5.60 to 5.90. Most of that jump is not leasing though. 1.10 dollars of it is incremental income from selling a 20% stake in its food and beverage hospitality venture, offset by 0.25 dollars from higher rates.
Q3 itself was steadier. FFO was 1.59 dollars a share vs 1.58 a year ago, net income was 1.01 dollars vs 0.34.
Leasing still looked pretty good underneath it. Manhattan occupancy hit 95.0%, same-store cash NOI rose 5.0%, and replacement leases signed at rents 13.6% above the prior fully escalated rents.
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