SL Green Realty Corp.
- Open
- 51.53
- Day high
- 51.53
- Day low
- 50.54
- Prev close
- 51.54
- Volume
- 934K
- Mkt cap
- $3.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 3.6
- Yield
- 2.43%
- Per share
- $1.24
SL Green Realty Corp. (SLG) is a Real Estate company listed on NYSE. The stock is down 15% over the past year.
SL Green Realty Corp. (SLG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SLG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $-0.74 | $-0.84 | -13.0% | $166M | +0.4% |
| Jan 28, 2026 | $1.10 | $1.13 | +2.7% | $276M | +60.4% |
| Oct 15, 2025 | $1.34 | $1.58 | +17.9% | $245M | +51.1% |
| Jul 16, 2025 | $1.37 | $1.63 | +19.0% | $242M | +40.4% |
| Apr 16, 2025 | $1.27 | $1.40 | +10.2% | $240M | +51.7% |
| Jan 22, 2025 | $-0.45 | $1.45 | +422.2% | $246M | +56.9% |
| Oct 16, 2024 | $1.21 | $1.13 | -6.6% | $230M | +46.4% |
| Jul 17, 2024 | $1.62 | $2.05 | +26.5% | $223M | +53.7% |
| Apr 17, 2024 | $2.32 | $3.07 | +32.3% | $188M | +24.7% |
| Jan 24, 2024 | $0.88 | $0.72 | -18.2% | $296M | +83.3% |
| Oct 18, 2023 | $1.28 | $1.27 | -0.8% | $173M | -2.9% |
| Jul 19, 2023 | $1.33 | $1.43 | +7.5% | $246M | +29.2% |
SLG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 30, 2026 | Brown Carol Ndirector | Sell | 5,004 | $36.33 |
| Mar 10, 2026 | Sitomer Harrisonofficer: PRESIDENT & CIO | Grant | 85,492 | — |
| Feb 17, 2026 | LEVINE ANDREW Sofficer: CHIEF LEGAL OFFICER & GC | Grant | 24,044 | — |
| Feb 17, 2026 | DiLiberto Matthew J.officer: CHIEF FINANCIAL OFFICER | Grant | 7,729 | — |
| Feb 17, 2026 | DiLiberto Matthew J.officer: CHIEF FINANCIAL OFFICER | Grant | 100,000 | $40.49 |
| Feb 17, 2026 | LEVINE ANDREW Sofficer: CHIEF LEGAL OFFICER & GC | Grant | 32,012 | — |
| Feb 17, 2026 | DiLiberto Matthew J.officer: CHIEF FINANCIAL OFFICER | Grant | 9,316 | — |
| Feb 17, 2026 | DiLiberto Matthew J.officer: CHIEF FINANCIAL OFFICER | Grant | 33,999 | — |
| Feb 17, 2026 | LEVINE ANDREW Sofficer: CHIEF LEGAL OFFICER & GC | Grant | 9,316 | — |
| Feb 17, 2026 | HOLLIDAY MARCdirector, officer: PRESIDENT & CEO | Grant | 125,771 | — |
| Feb 17, 2026 | HOLLIDAY MARCdirector, officer: PRESIDENT & CEO | Grant | 110,387 | — |
| Feb 17, 2026 | MATHIAS ANDREW Wdirector | Grant | 100,617 | — |
| Feb 17, 2026 | DiLiberto Matthew J.officer: CHIEF FINANCIAL OFFICER | Grant | 35,464 | — |
| Jan 9, 2026 | ALSCHULER JOHN H JRdirector | Grant | 5,004 | — |
| Jan 6, 2026 | Lamb Peggydirector | Grant | 5,004 | — |
Source: SLG SEC Form 4 filings, latest Mar 30, 2026. For informational purposes only — not investment advice.
See the full SLG insider & 13F page →SL Green Realty Corp. company profile
Overview
SL Green Realty Corp. (NYSE:SLG) is a real estate investment trust (REIT) founded in 1997 and based in New York City. The company has established itself as Manhattan's largest office landlord, owning and managing a portfolio of premium commercial properties primarily concentrated in Manhattan's most desirable business districts. As an S&P 500 component, SL Green operates as a fully integrated REIT focused on acquiring, managing, and maximizing the value of Manhattan commercial real estate. The company has weathered significant market challenges in recent years, including the COVID-19 pandemic's impact on office markets, and is currently positioned in what management believes is a recovering New York City commercial real estate market.
Business
SL Green operates in the commercial real estate industry as a Real Estate Investment Trust (REIT) specializing in office properties. A REIT is a company that owns, operates, or finances income-generating real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. The office REIT sector specifically focuses on owning and leasing office buildings to corporate tenants. The company's core business revolves around three main segments: 1. Office Property Ownership and Leasing (Primary Revenue Driver): SL Green owns and operates a portfolio of approximately 88 buildings totaling 38.2 million square feet, with 28.6 million square feet in Manhattan buildings. The company focuses on trophy-class properties along Manhattan's "Park Avenue Spine" and East Midtown, leasing space to major corporations, financial services firms, and technology companies. Recent major tenants include IBM, Bloomberg, and Ares Management. 2. Debt and Preferred Equity Investments (Growing Segment): The company provides financing solutions to other real estate owners through debt investments and preferred equity positions. SL Green recently re-entered this business after a hiatus, launching an Opportunistic Debt Fund expected to exceed $1 billion in assets, targeting returns in the low-to-high teens. 3. Experiential and Hospitality Ventures (Emerging Segment): Through properties like SUMMIT One Vanderbilt, an immersive art and observation experience atop One Vanderbilt, the company has diversified into tourism and entertainment. SUMMIT has attracted nearly 6 million visitors and generates significant incremental revenue, with plans for international expansion including SUMMIT Paris. The company also engages in office-to-residential conversions, capitalizing on changing urban dynamics by converting underperforming office buildings into residential units, particularly in downtown and Midtown South Manhattan.
Revenue model
SL Green generates revenue through multiple streams within its integrated real estate platform: Primary Revenue Sources: 1. Rental Income from Office Leasing: The company's main revenue driver comes from leasing office space to corporate tenants under multi-year lease agreements. Tenants pay base rent plus additional charges for common area maintenance, utilities, and property taxes. Average office rents have increased to over $100 per square foot, with premium properties commanding significantly higher rates. 2. Debt and Preferred Equity Investment Returns: Through its debt investment platform, SL Green earns interest income and fees by providing financing to other real estate owners. The company targets returns ranging from low-to-high teens depending on risk profile and has committed nearly $200 million in debt investments over recent quarters. 3. Fee Income and Asset Management: The company earns management fees from operating properties for joint venture partners and third parties, plus development and leasing fees from various projects. 4. Experiential Revenue: SUMMIT One Vanderbilt generates ticket revenue from visitors, with consistent 16% year-over-year growth and plans for international expansion. Factors Affecting Profitability: Positive Margin Drivers: Rising office rents in Manhattan's trophy buildings, limited new office supply, return-to-office trends increasing demand, successful lease renewals with mark-to-market rent increases, and diversification into higher-margin experiential businesses. Negative Margin Pressures: Rising interest rates increasing debt servicing costs (the company carries significant leverage), potential economic recession reducing tenant demand, competition from newer office buildings and alternative work arrangements, high tenant improvement costs for new leases, and ongoing challenges from hybrid work reducing overall office space demand. The company's profitability is particularly sensitive to occupancy rates, rental rate growth, and interest rate movements given its leveraged capital structure with a debt-to-equity ratio of approximately 1.24.
Competitive moat
SL Green's competitive moat is moderate but location-dependent, primarily built around several key advantages: Geographic Monopoly Power: Manhattan commercial real estate represents a finite, irreplaceable asset class with significant barriers to new supply. The company's concentration in prime Manhattan locations like Park Avenue and East Midtown provides access to a limited supply of trophy-class office buildings that cannot be easily replicated. Zoning restrictions, high development costs, and lengthy approval processes create natural barriers to new competition. Scale and Operational Expertise: As Manhattan's largest office landlord, SL Green benefits from economies of scale in property management, leasing operations, and tenant relationships. The company's deep local market knowledge, established tenant relationships, and integrated platform spanning acquisitions, development, leasing, and asset management create operational efficiencies difficult for smaller competitors to match. Financial Resources and Access to Capital: The company's S&P 500 status, established track record, and relationships with institutional investors provide preferential access to capital markets for acquisitions and development projects. Moat Limitations and Competitive Threats: The company's moat faces significant challenges from structural shifts in office demand. Remote and hybrid work trends have permanently altered space requirements for many tenants, potentially reducing long-term demand. Additionally, newer office developments with superior amenities and technology infrastructure can attract tenants away from older buildings. The company's high leverage also limits financial flexibility during market downturns. Disruption Risks: The primary disruption threat comes from changing work patterns rather than direct competition. If hybrid work becomes permanently entrenched, demand for traditional office space could decline structurally. However, SL Green is adapting through office-to-residential conversions and experiential offerings, suggesting management recognizes these challenges and is positioning for market evolution.
Risks & safety
SL Green presents moderate financial risk with some liquidity concerns but reasonable asset backing: Liquidity and Debt Position: • Cash and short-term investments: $180 million (Q1 2025) • Debt-to-equity ratio: 1.24, indicating significant leverage • Current ratio: 2.79, showing adequate short-term liquidity coverage • The company successfully extended $3.2 billion in loan facilities, reducing near-term refinancing risk • Total debt servicing becomes more expensive in rising rate environment Valuation Metrics: • EV/EBITDA: 19.3x (Q1 2025), elevated but improving from previous quarters • Price-to-book ratio: 1.06x, suggesting shares trade near asset value • Graham net-net: Negative, indicating market value exceeds liquid asset value • Free cash flow: $6.7 million (Q1 2025), relatively low given asset base Other Considerations: • Asset quality provides downside protection through trophy Manhattan real estate holdings • Dividend sustainability depends on maintaining occupancy and rental growth • Office-to-residential conversion optionality provides alternative value realization • Market recovery trajectory critical for financial performance improvement
Recent development
Over the past several years, SL Green has executed a strategic transformation focused on portfolio optimization and business diversification: Portfolio Quality Enhancement: The company has systematically upgraded its portfolio by acquiring premium assets like 500 Park Avenue and 450 Park Avenue while disposing of non-core properties. Management completed the development of One Madison Avenue ahead of schedule and achieved 97% leasing at One Vanderbilt, demonstrating execution capability in major projects. Business Model Diversification: SL Green has expanded beyond traditional office leasing into complementary revenue streams. The launch of SUMMIT One Vanderbilt has created a significant experiential business generating consistent visitor growth and revenue, with international expansion planned for Paris in Q1 2027. The company has also re-entered the debt and preferred equity investment business, launching an Opportunistic Debt Fund targeting over $1 billion in assets. Market Adaptation Strategies: Recognizing structural changes in office demand, the company has pioneered office-to-residential conversion initiatives, beginning with 750 3rd Avenue. Management expects 25-40 million square feet of Manhattan office space to convert to residential over the next 5-7 years, positioning SL Green to capitalize on this trend. Operational Excellence: The company achieved its third-highest leasing year ever in 2024 with 3.6 million square feet across 188 deals, demonstrating strong execution despite market challenges. Major lease wins include Bloomberg's 925,000 square foot renewal and expansion, and IBM's 328,000 square foot commitment at One Madison Avenue. Financial Repositioning: Management has focused on debt reduction and balance sheet optimization while maintaining access to capital through successful loan extensions and the debt fund launch, positioning for potential market recovery.
SLG company profile · for informational purposes only — not investment advice.
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