Why Is SL GREEN RLTY CORP (SLG) Stock Moving Today?

SLG stock is up 6.96% at $53.61 after a series of developments highlighted the company’s improving fundamentals and strategic leasing activity. The stock opened with a 1.8% gap up and reached an intraday high of $54.99 before settling near the upper end of its 52-week range. The move follows the announcement of a major 10-year lease at 11 Madison Avenue and a Q2 earnings report that exceeded expectations on a key metric.

What Happened

SL Green (SLG) announced that a leading AI tenant has signed a 10-year lease covering 98,420 square feet at 11 Madison Avenue. This lease adds to the company’s occupancy strength, particularly in Manhattan, and signals continued demand for premium office space. The same day, the company reported second-quarter 2026 earnings of ($0.38) per share and funds from operations (FFO) of $1.43 per share. While the net loss remained a challenge, the FFO beat estimates and the company raised its full-year 2026 FFO guidance to a range of $5.60 to $5.90 per share, up from $4.40 to $4.70. This guidance increase, along with the new lease, contributed to the stock’s sharp rise.

What The Data Shows

The stock opened at $51.00 and traded as high as $54.99, with volume reaching 1.1 million shares, or 0.9 times the 3-month average. The move pushed the stock closer to its 52-week high of $66.29. Despite the recent rally, SLG remains unprofitable with a trailing 12-month EPS of -2.51 and a net margin of -16.2%. However, revenue is growing at 44.5% year to date. The stock has a market cap of $3.6 billion, a beta of 1.57, and a dividend yield of 4.86%.

What To Watch

The stock’s momentum may continue if the company can maintain its occupancy gains and meet its revised FFO guidance. Retail and institutional sentiment could also shift based on broader real estate market conditions and potential follow-up from analysts.