SL Green Realty Corp (SLG)
NYSE:SLG
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SL Green Realty
(NYSE:SLG)
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Rating:56Neutral
Price Target:
$53.00
▲(22.46% Upside)
Action:Reiterated
Date:06/03/26
SLG scores in the mid-range primarily due to weak profitability and elevated leverage despite improving revenue/margins and solid free cash flow. Technicals are moderately supportive with price above key moving averages and positive MACD, while valuation is mixed (high yield but negative P/E from losses). The latest earnings call was notably upbeat on leasing/occupancy momentum, but near-term cash flow pressure from leasing costs and the time needed to cover the dividend with FAD temper the outlook.
Positive Factors
Cash generation
Robust trailing cash generation (positive OCF and rising FCF) gives the company durable ability to service debt, fund leasing and development, and support the dividend. Strong FCF growth improves resilience vs prior years and provides financial optionality for deleveraging or capital deployment over coming quarters.
Negative Factors
Elevated leverage
High absolute debt and a ~1.75x debt-to-equity ratio constrain strategic flexibility and make the firm sensitive to interest-rate and refinancing cycles. Large debt stock increases mandatory service costs and limits capacity for opportunistic investment or rapid deleveraging if market liquidity tightens over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Robust trailing cash generation (positive OCF and rising FCF) gives the company durable ability to service debt, fund leasing and development, and support the dividend. Strong FCF growth improves resilience vs prior years and provides financial optionality for deleveraging or capital deployment over coming quarters.
Read all positive factors
SL Green Realty (SLG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.95B
Dividend Yield6.95%
Average Volume (3M)1.13M
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue Growth7.65%
EPS Growth-478.02%
CountryUS
Employees1,221
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-2.34
Shares Outstanding71,124,480
10 Day Avg. Volume1,265,607
30 Day Avg. Volume1,126,518
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 Cap2.39
Enterprise Value/Revenue9.49
Enterprise Value/Gross Profit20.72
Enterprise Value/Ebitda26.90
Forecast
1Y Price Target
$49.71Price Target Upside14.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-2.74
Revenue Forecast (FY)$680.41M
SL Green Realty Business Overview & Revenue Model
Company Description
SL Green Realty Corp., an S&P 500 listed company, is recognized as Manhattan's premier office landlord. Operating as a fully integrated Real Estate Investment Trust (REIT), its core strategy involves the acquisition, management, and value maximiza...
How the Company Makes Money
SL Green primarily makes money through recurring real estate operating income generated by its Manhattan office portfolio. Its main revenue stream is rental revenue from leasing office space to tenants under multi-year lease agreements; this inclu...
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
46
Neutral
Balance Sheet
44
Neutral
Cash Flow
58
Neutral
| 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 | 454.91M | 341.79M | 252.63M | 375.13M | 433.06M | 440.22M |
| EBITDA | 350.34M | 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 | 338.64M | 336.50M | 207.11M | 231.41M | 214.51M | 286.17M |
| Total Debt | 6.54B | 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 | 106.54M | 82.91M | 79.20M | 229.50M | 117.06M | 255.98M |
| Operating Cash Flow | 271.97M | 82.91M | 291.07M | 229.50M | 417.83M | 255.98M |
| Investing Cash Flow | -1.02B | -330.80M | -43.43M | 171.34M | 306.41M | 993.58M |
| Financing Cash Flow | 748.21M | 252.75M | -251.52M | -449.38M | -677.17M | -1.29B |
SL Green Realty Technical Analysis
Positive
43.28
Price Trends
43.44
Positive
41.37
Positive
46.02
Positive
Market Momentum
2.23
Negative
72.47
Negative
83.91
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 below the 20-day moving average (MA) of 45.83, below the 50-day MA of 43.44, and below the 200-day MA of 46.02, indicating a bullish trend. The MACD of 2.23 indicates Negative momentum. The RSI at 72.47 is Negative, neither overbought nor oversold. The STOCH value of 83.91 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $3.34B | 35.13 | 3.94% | 7.83% | 0.88% | -47.90% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $4.77B | -919.47 | -0.11% | 5.08% | 12.11% | -109.72% | |
62 Neutral | $4.54B | 20.72 | 4.05% | 5.75% | -1.42% | 8.81% | |
58 Neutral | $11.60B | 33.15 | 6.17% | 5.26% | 1.62% | ― | |
56 Neutral | $3.95B | -23.86 | -3.89% | 6.95% | 7.65% | -478.02% | |
44 Neutral | $181.27M | -1.16 | -25.72% | 4.14% | 3.10% | -900.13% |
* Real Estate Sector Average
SLG
SL Green Realty
51.15
-11.87
-18.83%
BXP
BXP
66.28
-3.16
-4.55%
CUZ
Cousins Properties
29.01
0.10
0.33%
HIW
Highwoods Properties
29.84
0.64
2.20%
KRC
Kilroy Realty
38.37
4.94
14.77%
ELME
Elme Communities
2.03
-0.41
-16.80%
SL Green Realty Corporate Events
Executive/Board ChangesShareholder Meetings
SL Green Realty Shareholders Back Directors and Governance Proposals
Positive
Jun 2, 2026
SL Green Realty Corp. held its Annual Meeting of Stockholders on June 2, 2026, where shareholders voted on board elections, executive pay, and auditor ratification. Approximately 85.3% of eligible shares were represented, underscoring solid invest...
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 ...
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.