SL Green CFO Expects 2027 Cash NOI Growth to Exceed 10%

SL Green Realty Corp. CFO Matthew J. DiLiberto expects 2027 same-store cash net operating income (NOI) growth above 10%, while CEO Marc Holliday expects the Summit Paris build-out to finish in May.

On the company’s Oct. 22 earnings call, DiLiberto said SL Green’s 10% objective for 2027 remained in place. He also expressed an expectation above that level: “I would still expect 2027 same-store NOI, cash NOI north of 10%.” That comment was an oral expectation, not a formal increase to the company’s 2027 forecast. SL Green had described the 10% objective in April.

DiLiberto pointed to stronger 2026 performance as a higher comparison hurdle for next year. He also cited inflationary pressure on operating costs.

Manhattan same-store cash NOI, counting SL Green’s portion of unconsolidated joint ventures but omitting lease-termination income, increased 5% in the third quarter and 4.2% in the first nine months of 2026 compared with the same periods a year earlier. The figures provide operating context for the company’s outlook and extend the results discussed in SL Green’s third-quarter coverage.

Cash NOI is a non-GAAP measure that adjusts net operating income for items including free rent and straight-line rent. It is intended to help investors assess property operations alongside corresponding GAAP figures.

Holliday said the Summit Paris build-out should be complete in May 2027 and described the project as on track and on budget. The attraction is planned to open in June 2027. SL Green announced the June opening plan in July, making the May completion target a new construction milestone.