$SLG 8-K earnings — Q2 FY26

Q2 FFO of $1.43 beat the raised guidance midpoint of $1.40, while GAAP EPS loss of ($0.38) missed vs. ($0.16) a year ago. Revenue quality is strong: Manhattan same-store cash NOI rose 4.3% and occupancy hit 94.7%, with 18% mark-to-market rent spreads. The key nuance: FFO guidance was boosted $1.20 to $5.60-$5.90, but $0.80 of that is one-time income from One Vanderbilt — stripping that out, core operating guidance only rose $0.40, masking underlying margin trends.

Q2 FFO of $1.43 beat the raised guidance midpoint of $1.40, while GAAP EPS loss of ($0.38) missed vs. ($0.16) a year ago. Revenue quality is strong: Manhattan same-store cash NOI rose 4.3% and occupancy hit 94.7%, with 18% mark-to-market rent spreads. The key nuance: FFO guidance was boosted $1.20 to $5.60-$5.90, but $0.80 of that is one-time income from One Vanderbilt — stripping that out, core operating guidance only rose $0.40, masking underlying margin trends.