Sl Green Realty Corp. (SLG)
NYSE:SLG
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SL Green Realty
(NYSE:SLG)
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Rating:51Neutral
Price Target:
$40.00
▲(9.14% Upside)
Action:ReiteratedDate:03/07/26
The score is held back primarily by weakened financial quality—especially zero reported operating/free cash flow in 2025 and higher leverage—despite some operational improvement. Technicals remain soft with the stock below key longer-term averages. Offsetting factors include a high dividend yield and a constructive earnings-call outlook driven by leasing momentum and NOI guidance, with mixed but generally supportive corporate updates.
Positive Factors
Leasing Momentum & Occupancy
Sustained leasing volume and rising same-store occupancy indicate durable demand for SLG's Manhattan inventory. Higher occupancy sustainably increases NOI and cash flow per property, improves tenant mix, and reduces vacancy-related capex needs, supporting multi-quarter earnings and rent roll stabilization.
Negative Factors
Cash Flow Deterioration
A collapse to zero OCF and FCF materially weakens internal funding for dividends, capex, and debt service. Over a 2-6 month horizon this raises dependence on asset sales and external capital, constraining strategic flexibility and making execution on the financing/disposition plan critical to avoid liquidity strain.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing Momentum & Occupancy
Sustained leasing volume and rising same-store occupancy indicate durable demand for SLG's Manhattan inventory. Higher occupancy sustainably increases NOI and cash flow per property, improves tenant mix, and reduces vacancy-related capex needs, supporting multi-quarter earnings and rent roll stabilization.
Read all positive factors
SL Green Realty (SLG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.78B
Dividend Yield6.95%
Average Volume (3M)1.52M
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth8.60%
EPS GrowthN/A
CountryUS
Employees1,221
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-1.49
Shares Outstanding71,031,180
10 Day Avg. Volume1,342,009
30 Day Avg. Volume1,523,667
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 Cap3.68
Enterprise Value/Revenue10.43
Enterprise Value/Gross Profit17.91
Enterprise Value/Ebitda26.29
Forecast
1Y Price Target
$48.87Price Target Upside33.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)-2.5
Revenue Forecast (FY)$646.58M
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 Realty generates revenue primarily through leasing office space to tenants, which provides a steady stream of rental income. The company benefits from long-term leases, often with creditworthy tenants, ensuring stability in cash flows. Ad...
SL Green Realty Earnings Call Summary
Earnings Call Date:Jan 28, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 15, 2026
Earnings Call Sentiment Positive
The call conveyed an optimistic operational and capital-markets narrative: strong leasing momentum (large quarterly and annual leasing totals), sector-leading occupancy gains, an active $7 billion financing plan benefiting from tightening spreads, robust global investor demand, and FFO/FAD outperformance. Key near-term risks center on timing (economic occupancy recognition, back-half-weighted disposition plan), some elevated concessions/tenant improvement dynamics, and one-time Summit costs. Overall, the positives — durable leasing, improving NOI trajectory, significant financing and equity activity, and expanding fee income platform — materially outweigh the execution and timing risks discussed.Positive Updates
FFO and FAD Outperformance
Reported an FFO beat of $0.02 per share for the quarter. Management also noted beating initial FAD guidance by $65 million (almost $20 million of that in Q4).
Negative Updates
Summit/Ascent Timing and One-Time Costs
Operating profit from the Summit platform was reduced by later-than-expected opening of the Ascent premium experience (mid-November) and additional maintenance costs in the quarter; management described these as one-time impacts but they reduced Q4 operating profit.
Read all updates
Q4-2025 Updates
Positive
Negative
FFO and FAD Outperformance
Reported an FFO beat of $0.02 per share for the quarter. Management also noted beating initial FAD guidance by $65 million (almost $20 million of that in Q4).
Read all positive updates
Company Guidance
Management reiterated a focused 2026 plan calling for a $7.0B financing program (≈$5.0B of planned refinancings including 1 Madison, 245 Park and the corporate facility) and a $2.5B disposition program (mostly back half; four deals in term sheets), while guiding same‑store NOI growth of ~3.5%–4.5% in 2026 (and 10%+ for 2027) and a year‑end same‑store economic occupancy target of 94.8% (ended 2025 at 93.0%; December economic occupancy ~86.7%). They reported a Q4 FFO beat of $0.02/share, FAD outperformance of $65M (≈$20M in Q4), Q4 leasing of ~800k sq ft (2.6M for 2025, ~8M over three years), 142k sq ft signed in January, a >1.0M sq ft pipeline (≈800k of that with leases out, ~900k from new tenants), fund deployment pacing of roughly $75–$150M per quarter, Park Ave Tower financing priced at a 1.58% spread with AAA tranches as tight as 112 bps over Treasuries, and noted NYC tax collections up 8.5% in 2025.SL Green Realty Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
40
Negative
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.00B | 706.58M | 837.20M | 861.50M | 805.91M |
| Gross Profit | 341.79M | 252.63M | 375.13M | 433.06M | 440.22M |
| EBITDA | 414.19M | 169.29M | 240.32M | 330.89M | 340.14M |
| Net Income | -88.28M | 30.65M | -543.52M | -71.63M | 457.06M |
Balance Sheet | |||||
| Total Assets | 11.08B | 10.47B | 9.53B | 12.36B | 11.07B |
| Cash, Cash Equivalents and Short-Term Investments | 336.50M | 207.11M | 231.41M | 214.51M | 286.17M |
| Total Debt | 7.97B | 4.52B | 4.42B | 6.51B | 4.97B |
| Total Liabilities | 6.73B | 5.92B | 5.27B | 7.26B | 5.75B |
| Stockholders Equity | 3.87B | 3.95B | 3.79B | 4.76B | 4.76B |
Cash Flow | |||||
| Free Cash Flow | 82.91M | 79.20M | 229.50M | 117.06M | 255.98M |
| Operating Cash Flow | 82.91M | 291.07M | 229.50M | 417.83M | 255.98M |
| Investing Cash Flow | -330.80M | -43.43M | 171.34M | 306.41M | 993.58M |
| Financing Cash Flow | 252.75M | -251.52M | -449.38M | -677.17M | -1.29B |
SL Green Realty Technical Analysis
Negative
36.65
Price Trends
40.90
Negative
43.73
Negative
50.78
Negative
Market Momentum
-0.84
Negative
41.21
Neutral
17.44
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLG, the sentiment is Negative. The current price of 36.65 is below the 20-day moving average (MA) of 38.23, below the 50-day MA of 40.90, and below the 200-day MA of 50.78, indicating a bearish trend. The MACD of -0.84 indicates Negative momentum. The RSI at 41.21 is Neutral, neither overbought nor oversold. The STOCH value of 17.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $3.46B | 89.50 | 5.11% | 5.75% | 0.77% | 62.58% | |
56 Neutral | $2.31B | 24.27 | 6.69% | 7.83% | -2.10% | -13.30% | |
53 Neutral | $3.66B | 106.88 | 0.85% | 5.08% | 16.38% | 3.60% | |
51 Neutral | $2.78B | -38.62 | -2.25% | 6.95% | 8.60% | ― | |
50 Neutral | $9.26B | 38.78 | 5.34% | 5.26% | 2.54% | -155.17% | |
46 Neutral | $179.49M | -9.94 | -18.93% | 4.14% | 3.10% | -900.13% |
* Real Estate Sector Average
SLG
SL Green Realty
36.65
-18.54
-33.60%
BXP
BXP
53.16
-11.98
-18.39%
CUZ
Cousins Properties
21.78
-6.44
-22.83%
HIW
Highwoods Properties
21.05
-6.12
-22.52%
KRC
Kilroy Realty
28.91
-2.88
-9.07%
ELME
Elme Communities
2.02
-0.57
-22.10%
SL Green Realty Corporate Events
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.