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SL Green Realty
(NYSE:SLG)
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Rating:61Neutral
Price Target:
$53.00
â–¼(-2.95% Downside)
Action:Reiterated
Date:07/23/26
The score is driven by strong forward-looking operating momentum from the earnings call (large recurring FFO guidance raise, improving occupancy and leasing) and supportive technical trends. These positives are tempered by weaker financial fundamentals—ongoing net losses, earnings volatility, and elevated leverage—while valuation is mixed (attractive yield but negative P/E due to losses).
Positive Factors
Improving cash generation
Sustained positive operating cash flow and materially higher free cash flow provide durable internal funding for debt paydown, capex, and distributions. Strong FCF growth increases flexibility to execute capital recycling and opportunistic investments without relying solely on volatile capital markets.
Negative Factors
Elevated leverage and large absolute debt
High net leverage and a multi-billion-dollar debt load constrain strategic optionality and increase refinancing sensitivity. Even with hedges, elevated absolute debt amplifies interest-cost risk, limits capacity for opportunistic M&A or redevelopment, and raises refinancing execution risk as large maturities approach.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Sustained positive operating cash flow and materially higher free cash flow provide durable internal funding for debt paydown, capex, and distributions. Strong FCF growth increases flexibility to execute capital recycling and opportunistic investments without relying solely on volatile capital markets.
Read all positive factors
SL Green Realty (SLG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.04B
Dividend Yield4.77%
Average Volume (3M)1.12M
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth7.51%
EPS Growth-386.65%
CountryUS
Employees1,289
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-2.56
Shares Outstanding70,853,000
10 Day Avg. Volume1,300,239
30 Day Avg. Volume1,116,798
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$55.69Price Target Upside1.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-2.25
Revenue Forecast (FY)$683.10M
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:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call conveyed strong, company-driven operational momentum: a sizable upward FFO guidance revision (>$1.20/sh, >26%), improved economic occupancy (+300 bps), robust leasing pipeline and mark-to-market rent upside, and tight balance sheet/hedging actions. These positives outweigh the remaining execution and market risks (legacy asset recapitalizations, rate environment and some active litigation). Management highlighted recurring, sustainable sources of FFO growth (notably 1 Vanderbilt) and active capital allocation (sales, development partnerships, buybacks).Positive Updates
Material Upward FFO Guidance Revision
Company raised FFO guidance by $1.20 per share (more than 26% increase). Management states the vast majority of the increase is recurring and breaks it down as $0.20 from operational execution, $0.20 from fee/other income, and $0.80 from 1 Vanderbilt accounting and cash flow treatment.
Negative Updates
Remaining Asset-Level Challenges in Alternative/Legacy Portfolio
Several assets (e.g., 2 Herald Square, 440 Worldwide Plaza, 650 Fifth) require recapitalization and currently contribute little to earnings or NAV; management described these as capitalization challenges with uncertain resolution timelines.
Read all updates
Q2-2026 Updates
Positive
Negative
Material Upward FFO Guidance Revision
Company raised FFO guidance by $1.20 per share (more than 26% increase). Management states the vast majority of the increase is recurring and breaks it down as $0.20 from operational execution, $0.20 from fee/other income, and $0.80 from 1 Vanderbilt accounting and cash flow treatment.
Read all positive updates
Company Guidance
SL Green raised 2026 FFO guidance by $1.20 per share (more than 26%), saying the bulk is recurring and is comprised of $0.20 per share of operational uplift from the Manhattan office portfolio (10% of which, or $0.10, was recognized in Q2), an expected $0.20 per share of additional fee and other income for 2026, and $0.80 per share of recurring contribution from 1 Vanderbilt (with $0.35 recorded in Q2); the 1 Vanderbilt treatment includes amortization of a negative carrying value of roughly $21 million annually through early 2031 plus excess cash distributions over GAAP net income and is expected to contribute as much or more in 2027. Management pointed to a ~300 basis‑point step‑up in economic occupancy this quarter, a leasing pipeline of ~900k sq ft (≈50% new / 50% renewal, ~400k in advanced negotiation), about 50 million sq ft of NYC office leased over the past four quarters, and a goal to move occupancy toward ~95%; broader market tailwinds cited include Wall Street Q1 profits of $21B, big‑5 bank Q2 profits +50% YoY, NYC office‑using jobs +12k YTD, healthcare +20k YTD, and Q2 VC funding of $10.8B ($21.1B YTD, both roughly double 2025).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 | 1.04B | 1.00B | 706.58M | 837.20M | 861.50M | 805.91M |
| Gross Profit | 530.86M | 341.79M | 252.63M | 375.13M | 433.06M | 440.22M |
| EBITDA | 492.41M | 414.19M | 169.29M | 240.32M | 330.89M | 340.14M |
| Net Income | -172.85M | -88.28M | 30.65M | -543.52M | -71.63M | 457.06M |
Balance Sheet | ||||||
| Total Assets | 11.81B | 11.08B | 10.47B | 9.53B | 12.36B | 11.07B |
| Cash, Cash Equivalents and Short-Term Investments | 202.06M | 336.50M | 207.11M | 231.41M | 214.51M | 286.17M |
| Total Debt | 5.17B | 7.97B | 4.52B | 4.42B | 6.51B | 4.97B |
| Total Liabilities | 7.39B | 6.73B | 5.92B | 5.27B | 7.26B | 5.75B |
| Stockholders Equity | 3.42B | 3.87B | 3.95B | 3.79B | 4.76B | 4.76B |
Cash Flow | ||||||
| Free Cash Flow | 78.12M | 82.91M | 79.20M | 229.50M | 117.06M | 255.98M |
| Operating Cash Flow | 181.73M | 82.91M | 291.07M | 229.50M | 417.83M | 255.98M |
| Investing Cash Flow | -1.12B | -330.80M | -43.43M | 171.34M | 306.41M | 993.58M |
| Financing Cash Flow | 930.01M | 252.75M | -251.52M | -449.38M | -677.17M | -1.29B |
SL Green Realty Technical Analysis
Positive
54.61
Price Trends
49.86
Positive
44.87
Positive
44.42
Positive
Market Momentum
1.40
Negative
66.08
Neutral
73.83
Neutral
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 54.61 is above the 20-day moving average (MA) of 51.74, above the 50-day MA of 49.86, and above the 200-day MA of 44.42, indicating a bullish trend. The MACD of 1.40 indicates Negative momentum. The RSI at 66.08 is Neutral, neither overbought nor oversold. The STOCH value of 73.83 is Neutral, 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 | $3.65B | 21.80 | 3.09% | 5.94% | 3.30% | 28.46% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $5.19B | 767.64 | -0.43% | 3.98% | 11.89% | -89.22% | |
62 Neutral | $12.28B | 37.50 | 6.17% | 4.05% | 1.88% | 7630.99% | |
62 Neutral | $4.56B | 26.96 | 3.14% | 5.48% | -3.76% | -22.82% | |
61 Neutral | $4.04B | -20.68 | -4.61% | 4.62% | 7.51% | -386.65% | |
44 Neutral | $143.06M | -0.92 | -40.59% | 7.41% | 3.10% | -900.13% |
* Real Estate Sector Average
SLG
SL Green Realty
54.83
2.02
3.83%
BXP
BXP
70.01
6.81
10.77%
CUZ
Cousins Properties
30.76
5.07
19.74%
HIW
Highwoods Properties
32.42
5.51
20.48%
KRC
Kilroy Realty
38.65
2.72
7.57%
ELME
Elme Communities
1.64
-0.83
-33.52%
SL Green Realty Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
SL Green Realty posts wider loss, raises 2026 guidance
Positive
Jul 23, 2026
SL Green Realty reported a larger net loss for the quarter and six months ended June 30, 2026, with diluted EPS of ($0.38) in the second quarter versus ($0.16) a year earlier, while funds from operations came in at $1.43 per share, below the prior...
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...
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.