SL Green occupancy hits 95% as rates pressure earnings

SL Green said on its Q3 2026 earnings call on Oct. 22 that occupancy reached 95%, while officials said higher interest rates pressured earnings.

The New York office landlord also said leasing topped 2 million square feet in the quarter, giving it an operating base for a 2027 same-store cash net operating income target above 10%.

Summit Paris sets 2027 marker

Same-store cash net operating income measures cash earnings from properties owned in comparable periods, excluding the effect of acquisitions or sales. SL Green’s target points to management’s expectation that leasing gains and occupancy will carry into next year, if signed leases convert into paying tenancy on schedule.

Officials said Summit Paris is planned to open in June 2027. The project gives investors a dated catalyst beyond the current quarter, while higher rates remain the direct earnings pressure identified on the call.

For equities, the near-term test is whether 95% occupancy and more than 2 million square feet of leasing can offset financing costs in future results. The next dated marker supplied by the company is the Summit Paris opening planned for June 2027.