SL Green Realty Corp (SLG)
NYSE:SLG
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SL Green Realty
(NYSE:SLG)
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Rating:60Neutral
Price Target:
$43.00
▼(-0.65% Downside)
Action:Reiterated
Date:05/09/26
SLG’s score is primarily driven by improving operating/cash-flow trends but constrained by ongoing net losses and elevated leverage. Technicals add support via positive momentum (price above key shorter-term averages and positive MACD), while valuation is helped by a high dividend yield but limited by negative earnings. The latest earnings call was a meaningful positive catalyst due to record leasing and raised occupancy targets, with near-term cash-flow pressure from leasing spend and economic occupancy lag as notable risks.
Positive Factors
Record Leasing & Rent Upside
Sustained, large-scale leasing activity with 16% mark-to-market rent gains materially improves property-level economics. Durable leasing momentum in trophy Manhattan supports higher cash NOI, strengthens pricing power, and provides a multi-quarter runway to raise economic occupancy and recurring rental cash flows.
Negative Factors
Elevated Leverage
High absolute debt and leverage constrain financial flexibility across interest-rate cycles. Elevated obligations increase refinancing and interest-rate sensitivity, limiting ability to rapidly fund developments or absorb shocks, and lengthening the timeline to materially de-risk the balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Record Leasing & Rent Upside
Sustained, large-scale leasing activity with 16% mark-to-market rent gains materially improves property-level economics. Durable leasing momentum in trophy Manhattan supports higher cash NOI, strengthens pricing power, and provides a multi-quarter runway to raise economic occupancy and recurring rental cash flows.
Read all positive factors
SL Green Realty (SLG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.19B
Dividend Yield6.95%
Average Volume (3M)1.26M
Price to Earnings (P/E)―
Beta (1Y)1.27
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. Volume1,182,941
30 Day Avg. Volume1,259,833
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 Cap2.89
Enterprise Value/Revenue9.28
Enterprise Value/Gross Profit20.27
Enterprise Value/Ebitda26.32
Forecast
1Y Price Target
$48.00Price Target Upside10.91% 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 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
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
Negative
43.28
Price Trends
40.25
Positive
41.38
Positive
46.50
Negative
Market Momentum
0.39
Positive
46.65
Neutral
18.45
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 43.28 is above the 20-day moving average (MA) of 43.08, above the 50-day MA of 40.25, and below the 200-day MA of 46.50, indicating a neutral trend. The MACD of 0.39 indicates Positive momentum. The RSI at 46.65 is Neutral, neither overbought nor oversold. The STOCH value of 18.45 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.81B | 18.44 | 3.94% | 7.83% | 0.88% | -47.90% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $4.34B | -37.77 | -0.11% | 5.08% | 12.11% | -109.72% | |
62 Neutral | $4.02B | -43.06 | 4.05% | 5.75% | -1.42% | 8.81% | |
60 Neutral | $3.19B | -8.32 | -3.89% | 6.95% | 7.65% | -478.02% | |
57 Neutral | $10.49B | 20.27 | 6.17% | 5.26% | 1.62% | ― | |
49 Neutral | $179.49M | -9.47 | -25.72% | 4.14% | 3.10% | -900.13% |
* Real Estate Sector Average
SLG
SL Green Realty
42.53
-10.02
-19.06%
BXP
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60.13
-1.50
-2.44%
CUZ
Cousins Properties
26.42
0.97
3.82%
HIW
Highwoods Properties
25.55
-1.32
-4.92%
KRC
Kilroy Realty
34.14
4.52
15.27%
ELME
Elme Communities
2.02
-0.34
-14.37%
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 ...
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.