Understanding SL Green's Revised 2026 Forecast and Dividend Changes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 08 2025
0mins
Should l Buy WPC?
Source: NASDAQ.COM
Reduced FFO Guidance: SL Green has lowered its 2026 funds from operations (FFO) per share guidance to $4.4-$4.7, significantly below the Zacks Consensus Estimate of $5.16, citing increased operating expenses and tenant vacancies as key factors.
Shift to Quarterly Dividends: The company plans to transition from monthly to quarterly dividend payouts to enhance cash preservation and liquidity planning amid a $7 billion financing plan, reflecting a more conservative capital allocation strategy.
Impact of Market Conditions: Higher costs, tenant vacates, and asset sales are expected to negatively affect same-store net operating income (NOI) and FFO growth, while an increase in average diluted share count will dilute earnings per share.
Stock Performance: SL Green's shares have declined by 28.2% over the past three months, contrasting with a 1.8% growth in the broader industry, indicating challenges in the current market environment.
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Analyst Views on WPC
Wall Street analysts forecast WPC stock price to fall
8 Analyst Rating
2 Buy
4 Hold
2 Sell
Hold
Current: 73.100
Low
67.00
Averages
70.71
High
78.00
Current: 73.100
Low
67.00
Averages
70.71
High
78.00
About WPC
W. P. Carey Inc. is a net lease real estate investment trust. The Company owns a diversified portfolio of commercial real estate properties, which includes 1,662 net lease properties, covering approximately 183 million square feet. The Company is focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the United States and Europe, under long-term net leases with built-in rent escalations. In addition, the Company owns approximately 42 self-storage operating properties, four hotel operating properties and one student housing operating property, totaling approximately 3.4 million square feet. It also owns 2800 Skyline, a 756,000-square-foot industrial site in Mesquite, Texas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Tranche Structure: The offering consists of two tranches: €500 million of 3.250% Senior Notes due 2031 priced at 99.249% and €500 million of 3.750% Senior Notes due 2035 priced at 98.500%, reflecting market confidence in the company's debt.
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- Use of Proceeds: The company intends to use the net proceeds from the offering to repay €500 million of its 2.250% Senior Notes due April 2026 and for general corporate purposes, highlighting its focus on optimizing capital structure.
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- Clear Use of Proceeds: The net proceeds from this bond offering will be used to repay €500 million of 2.250% senior notes and for general corporate purposes, including potential investments and repayment of unsecured revolving credit, indicating the company's strategic intent to optimize its capital structure.
- High Market Recognition: Applications for the notes have been submitted to the Irish Stock Exchange, with expectations for inclusion in the official list and trading on the Global Exchange Market, reflecting market confidence in the company's creditworthiness and its influence in the European market.
- Strong Underwriter Lineup: The involvement of J.P. Morgan, Barclays, BNP PARIBAS, and Wells Fargo as joint book-running managers for the offering highlights strong demand for the notes and investor confidence in the company’s financial stability.
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- Bond Offering Size: W. P. Carey Inc. announced a €1 billion public offering of senior unsecured notes with a 3.500% coupon and a 7.4-year term, demonstrating the company's strong capital market financing capabilities.
- Tranche Structure: The offering consists of €500 million of 3.250% Senior Notes due 2031 and €500 million of 3.750% Senior Notes due 2035, priced at 99.249% and 98.500% respectively, reflecting market confidence in the company's debt.
- Clear Use of Proceeds: The company intends to use the net proceeds to repay €500 million of its 2.250% Senior Notes due April 2026 and for general corporate purposes, including funding future investments and repaying other debts, thereby enhancing financial flexibility.
- Strong Underwriting Team: The involvement of J.P. Morgan, Barclays, BNP PARIBAS, and Wells Fargo as joint book-running managers for the bond offering indicates the company's solid reputation and underwriting capabilities in the capital markets.
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- Tranche Structure: The offering consists of two tranches: €500 million of 3.250% Senior Notes due 2031 priced at 99.249% and €500 million of 3.750% Senior Notes due 2035 priced at 98.500%, reflecting market confidence in the company's debt.
- Interest Payment Schedule: Interest on the 2031 Notes will be paid annually on October 2, starting in 2026, while the 2035 Notes will pay interest annually on May 10, also beginning in 2026, ensuring stable future cash flows for the company.
- Use of Proceeds: The company intends to use the net proceeds from the offering to repay €500 million of its 2.250% Senior Notes due April 2026 and for general corporate purposes, highlighting its focus on optimizing capital structure.
See More
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- Bond Offering Size: W. P. Carey Inc. announced the pricing of €1 billion in senior unsecured notes with a weighted-average coupon of 3.500% and a term of 7.4 years, expected to settle on February 24, 2026, demonstrating the company's strong capital market financing capabilities.
- Clear Use of Proceeds: The net proceeds from this bond offering will be used to repay €500 million of 2.250% senior notes and for general corporate purposes, including potential investments and repayment of unsecured revolving credit, indicating the company's strategic intent to optimize its capital structure.
- High Market Recognition: Applications for the notes have been submitted to the Irish Stock Exchange, with expectations for inclusion in the official list and trading on the Global Exchange Market, reflecting market confidence in the company's creditworthiness and its influence in the European market.
- Strong Underwriter Lineup: The involvement of J.P. Morgan, Barclays, BNP PARIBAS, and Wells Fargo as joint book-running managers for the offering highlights strong demand for the notes and investor confidence in the company’s financial stability.
See More
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- Bond Offering Size: W. P. Carey Inc. announced a €1 billion public offering of senior unsecured notes with a 3.500% coupon and a 7.4-year term, demonstrating the company's strong capital market financing capabilities.
- Tranche Structure: The offering consists of €500 million of 3.250% Senior Notes due 2031 and €500 million of 3.750% Senior Notes due 2035, priced at 99.249% and 98.500% respectively, reflecting market confidence in the company's debt.
- Clear Use of Proceeds: The company intends to use the net proceeds to repay €500 million of its 2.250% Senior Notes due April 2026 and for general corporate purposes, including funding future investments and repaying other debts, thereby enhancing financial flexibility.
- Strong Underwriting Team: The involvement of J.P. Morgan, Barclays, BNP PARIBAS, and Wells Fargo as joint book-running managers for the bond offering indicates the company's solid reputation and underwriting capabilities in the capital markets.
See More
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- Record Investment Activity: The company completed $2.1 billion in investments in 2025, exceeding expectations, with 68% of the portfolio in warehouse and industrial assets, showcasing strong performance in core areas and laying the groundwork for future growth.
- Optimistic Rent Growth Outlook: The company anticipates contractual same-store rent growth to trend slightly higher than in 2025, although still averaging in the mid-2% range, reflecting confidence in market demand and a focus on rent stability.
- Strategic Investment and Flexibility: Initial investment guidance for 2026 is set between $1.25 billion and $1.75 billion, with expected cap rates in the mid-to-low 7% range, indicating the company's capital allocation flexibility and positive outlook for future growth.
See More
W P Carey (WPC) Q4 2025 Earnings Call Transcript
See More
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- Revenue Growth: The company achieved fourth-quarter revenue of $444.55 million, exceeding market expectations by $11.27 million, indicating the resilience of its portfolio and ongoing rental income growth.
- Strong Investment Volume: The strong investment volume supported the earnings report, highlighting the company's competitive advantage in the REIT sector, particularly with its exposure to the European market, further solidifying its market position.
- Attractive Yield: Offering a 6% yield, W.P. Carey appeals to income-seeking investors, demonstrating the company's stability and attractiveness in the current economic environment.
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