Sl Green Realty Corp. (SLG)
NYSE:SLG
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SL Green Realty
(NYSE:SLG)
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Rating:53Neutral
Price Target:
$42.00
▼(-2.96% Downside)
Action:ReiteratedDate:04/16/26
The score is held back primarily by weak financial quality—especially the 2025 cash flow step-down to zero and higher leverage—partly offset by a notably upbeat earnings call citing strong leasing momentum and improved occupancy guidance. Technicals are supportive but appear somewhat stretched, while valuation is mixed due to losses despite a moderate dividend yield.
Positive Factors
Trophy market position
Very low vacancy in prime Manhattan assets gives SL Green durable pricing power and downside protection. Trophy scarcity supports sustained rent growth and higher net operating income per foot, helping margins and long-run cash generation as leases roll and renew.
Negative Factors
Cash flow collapse
A step-down to zero operating and free cash flow undermines the REIT's core ability to fund leasing costs, capex, and distributions from operations. This structural cash weakness increases reliance on asset sales or capital markets and raises execution risk for stabilization plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Trophy market position
Very low vacancy in prime Manhattan assets gives SL Green durable pricing power and downside protection. Trophy scarcity supports sustained rent growth and higher net operating income per foot, helping margins and long-run cash generation as leases roll and renew.
Read all positive factors
SL Green Realty (SLG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.16B
Dividend Yield6.95%
Average Volume (3M)1.24M
Price to Earnings (P/E)―
Beta (1Y)1.16
Revenue Growth8.60%
EPS GrowthN/A
CountryUS
Employees1,221
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-1.20
Shares Outstanding71,031,180
10 Day Avg. Volume1,157,565
30 Day Avg. Volume1,238,271
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.88
Price to Sales (P/S)3.40
P/FCF Ratio41.12
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue3.92
Enterprise Value/Gross Profit5.52
Enterprise Value/Ebitda8.63
Forecast
1Y Price Target
$48.29Price Target Upside11.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)-2.57
Revenue Forecast (FY)$668.72M
SL Green Realty Business Overview & Revenue Model
Company Description
SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial propertie...
How the Company Makes Money
SL Green primarily makes money through recurring real estate revenues generated by its office portfolio. The core revenue stream is rental income from leasing office space (and associated commercial space where applicable) to tenants under contrac...
SL Green Realty Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and leasing momentum: record Q1 leasing, meaningful mark-to-market rent gains (16%), low trophy vacancy (3.4%), raised occupancy targets, development progress (346 Madison, 7 Times Square), and encouraging capital markets/financing demand. Near-term challenges include a lagging economic occupancy (85.9% vs ~89% target), Q1 SUMMIT weather-driven underperformance, and elevated leasing-related capital spend that pressures FAD/FFO timing. Management presented clear plans to normalize cash flow by 2027–2028 (expecting FAD to align with the dividend by 2028) and showed active disposition and financing execution that support liquidity and deleveraging.Positive Updates
Record Q1 Leasing Volume and Strong Rents
Signed 51 leases totaling 930,000 sq ft in Q1 — the largest Q1 in company history — with mark-to-market rents 16% above previously fully escalated rents; year-to-date leasing exceeds 1,000,000 sq ft and pipeline stands at ~900,000 sq ft (30% of pipeline are 'leases out').
Negative Updates
Economic Occupancy Lags Guidance
Economic occupancy increased sequentially to 85.9% but remains below the company target (~89% year-end), leaving a meaningful gap between leased occupancy (94.4%) and cash-paying occupancy that management expects to narrow over the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Q1 Leasing Volume and Strong Rents
Signed 51 leases totaling 930,000 sq ft in Q1 — the largest Q1 in company history — with mark-to-market rents 16% above previously fully escalated rents; year-to-date leasing exceeds 1,000,000 sq ft and pipeline stands at ~900,000 sq ft (30% of pipeline are 'leases out').
Read all positive updates
Company Guidance
Management reiterated upbeat guidance: Q1 leasing was a record 51 leases totaling 930,000 sq ft (mark-to-market +16%) and year-to-date leasing exceeds 1.0M sq ft with a 900,000 sq ft pipeline (30% of which are “leases out”), and they raised year‑end same‑store occupancy guidance from 94.8% to 95% (currently 94.4% leased), expect economic occupancy to climb from 85.9% toward ~89% by year‑end (historically ~200 bps below leased), reported Q1 same‑store cash NOI +2.6% (300 bps above plan) and reiterated a 10% same‑store cash NOI growth objective for 2027, aim to drive portfolio toward 96–98% leasing, pursue $2.5B of dispositions (roughly half expected by midyear), have committed ~$567M of $1.3B debt fund (put out $226M since last call), have about $3B remaining of a $7B financing plan, set the dividend at $2.47 (retaining ~ $50M of capital) with FAD expected to be in line with the dividend by 2028, expect zero new Midtown deliveries for the next ~3 years, are advancing 346 Madison (~850,000 sq ft) and other developments, and see upside from SUMMIT (including Paris opening summer 2027), fee income and potential DPOs and buybacks.SL Green Realty Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
40
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 993.50M | 1.00B | 706.58M | 837.20M | 861.50M | 805.91M |
| Gross Profit | 704.73M | 341.79M | 252.63M | 375.13M | 433.06M | 440.22M |
| EBITDA | 450.75M | 414.19M | 169.29M | 240.32M | 330.89M | 340.14M |
| Net Income | -151.54M | -88.28M | 30.65M | -543.52M | -71.63M | 457.06M |
Balance Sheet | ||||||
| Total Assets | 11.76B | 11.08B | 10.47B | 9.53B | 12.36B | 11.07B |
| Cash, Cash Equivalents and Short-Term Investments | 169.20M | 336.50M | 207.11M | 231.41M | 214.51M | 286.17M |
| Total Debt | 959.66M | 7.97B | 4.52B | 4.42B | 6.51B | 4.97B |
| Total Liabilities | 7.40B | 6.73B | 5.92B | 5.27B | 7.26B | 5.75B |
| Stockholders Equity | 3.74B | 3.87B | 3.95B | 3.79B | 4.76B | 4.76B |
Cash Flow | ||||||
| Free Cash Flow | 50.13M | 82.91M | 79.20M | 229.50M | 117.06M | 255.98M |
| Operating Cash Flow | 111.95M | 82.91M | 291.07M | 229.50M | 417.83M | 255.98M |
| Investing Cash Flow | -188.97M | -330.80M | -43.43M | 171.34M | 306.41M | 993.58M |
| Financing Cash Flow | 76.49M | 252.75M | -251.52M | -449.38M | -677.17M | -1.29B |
SL Green Realty Technical Analysis
Positive
43.28
Price Trends
38.27
Positive
41.59
Positive
48.22
Negative
Market Momentum
0.90
Negative
67.14
Neutral
89.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLG, the sentiment is Positive. The current price of 43.28 is above the 20-day moving average (MA) of 37.95, above the 50-day MA of 38.27, and below the 200-day MA of 48.22, indicating a neutral trend. The MACD of 0.90 indicates Negative momentum. The RSI at 67.14 is Neutral, neither overbought nor oversold. The STOCH value of 89.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SLG.
SL Green Realty Risk Analysis
SL Green Realty disclosed 37 risk factors in its most recent earnings report. SL Green Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SL Green Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | $3.64B | 89.50 | 5.11% | 5.75% | 0.77% | 62.58% | |
56 Neutral | $2.55B | 24.27 | 6.69% | 7.83% | -2.10% | -13.30% | |
54 Neutral | $3.93B | 106.88 | 0.85% | 5.08% | 16.38% | 3.60% | |
53 Neutral | $3.16B | -38.62 | -3.89% | 6.95% | 8.60% | ― | |
50 Neutral | $9.74B | 38.78 | 5.34% | 5.26% | 2.54% | -155.17% | |
46 Neutral | $191.93M | -9.94 | -18.93% | 4.14% | 3.10% | -900.13% |
* Real Estate Sector Average
SLG
SL Green Realty
43.28
-4.28
-9.00%
BXP
BXP
58.05
-1.62
-2.71%
CUZ
Cousins Properties
24.09
-1.05
-4.19%
HIW
Highwoods Properties
23.56
-1.64
-6.50%
KRC
Kilroy Realty
31.45
2.13
7.25%
ELME
Elme Communities
2.15
-0.13
-5.49%
SL Green Realty Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
SL Green Posts Wider Loss But Reaffirms 2026 Guidance
Neutral
Apr 16, 2026
SL Green Realty Corp. reported a net loss attributable to common stockholders of $84.4 million, or $1.20 per share, for the first quarter of 2026, widening from a $21.1 million loss, or $0.30 per share, a year earlier, while funds from operations ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
SL Green Issues Series Y Preferred Units for Acquisition
Positive
Mar 6, 2026
On March 4, 2026, SL Green Realty Corp., as general partner of SL Green Operating Partnership, L.P., executed the thirty-second amendment to its limited partnership agreement to authorize and issue 252,000 Series Y Preferred Units with a $25.00 pe...
Business Operations and StrategyExecutive/Board Changes
SL Green Realty Strengthens Leadership with New President
Positive
Mar 4, 2026
On February 27, 2026, SL Green Realty appointed long-time investment executive Harrison Sitomer as President while he continues to serve as Chief Investment Officer, formalizing his leadership role in capital allocation and deal-making and ending ...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
SL Green Posts Q4 Loss Amid Manhattan Expansion Moves
Negative
Jan 29, 2026
On January 28, 2026, SL Green Realty Corp. reported a net loss attributable to common stockholders of $104.6 million, or $1.49 per share, for the fourth quarter of 2025 and a full‑year 2025 net loss of $111.9 million, or $1.61 per share, rev...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.