SL Green Realty (SLG)
Market Price (9/26/2026): $51.03 | Market Cap: $3.6 BilSector: Real Estate | Industry: Office REITs
SL Green Realty (SLG)
Market Price (9/26/2026): $51.03Market Cap: $3.6 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 5.6% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -32% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.64 Key risksSLG key risks include its specific concentration as Manhattan's largest landlord amid a challenging market shift to remote work and flight-to-quality [1] and a substantial volume of near-term lease expirations that will require significant renovation costs to re-lease [2]. |
| Attractive yieldDividend Yield is 5.6% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -32% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.64 |
| Key risksSLG key risks include its specific concentration as Manhattan's largest landlord amid a challenging market shift to remote work and flight-to-quality [1] and a substantial volume of near-term lease expirations that will require significant renovation costs to re-lease [2]. |
Qualitative Assessment
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SL Green Realty (SLG) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Q2 2026 Financial Performance and Upgraded Guidance.
SL Green Realty (SLG) reported robust financial results for fiscal Q2 2026, with an EPS of -$0.38, significantly beating analysts' consensus estimates of -$0.59. Quarterly revenue surged by 16.5% year-over-year to $264 million, surpassing analyst expectations of $179.01 million. Crucially, the company raised its full-year fiscal 2026 Funds from Operations (FFO) guidance range from $4.40-$4.70 per share to $5.60-$5.90 per share, representing a $1.20 per share increase at the midpoint. This positive revision signals an improved outlook for the company's profitability and operational efficiency.
2. Strategic Asset Dispositions for Debt Reduction.
The company continued its proactive strategy of asset monetization to strengthen its balance sheet. In May 2026, SL Green entered into a contract to sell 10 East 53rd Street for $312.2 million, which closed in fiscal Q3 2026, generating approximately $100.0 million in net cash proceeds for corporate debt repayment. Additionally, on September 10, 2026, SL Green announced an agreement to sell 110 Greene Street for $226 million, expected to close in fiscal Q4 2026, with an anticipated $216 million in net cash proceeds allocated for further unsecured corporate debt repayment. These strategic sales are perceived positively as they reduce leverage and enhance financial flexibility.
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SL Green Realty (SLG) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Q2 2026 Financial Performance and Upgraded Guidance.
SL Green Realty (SLG) reported robust financial results for fiscal Q2 2026, with an EPS of -$0.38, significantly beating analysts' consensus estimates of -$0.59. Quarterly revenue surged by 16.5% year-over-year to $264 million, surpassing analyst expectations of $179.01 million. Crucially, the company raised its full-year fiscal 2026 Funds from Operations (FFO) guidance range from $4.40-$4.70 per share to $5.60-$5.90 per share, representing a $1.20 per share increase at the midpoint. This positive revision signals an improved outlook for the company's profitability and operational efficiency.
2. Strategic Asset Dispositions for Debt Reduction.
The company continued its proactive strategy of asset monetization to strengthen its balance sheet. In May 2026, SL Green entered into a contract to sell 10 East 53rd Street for $312.2 million, which closed in fiscal Q3 2026, generating approximately $100.0 million in net cash proceeds for corporate debt repayment. Additionally, on September 10, 2026, SL Green announced an agreement to sell 110 Greene Street for $226 million, expected to close in fiscal Q4 2026, with an anticipated $216 million in net cash proceeds allocated for further unsecured corporate debt repayment. These strategic sales are perceived positively as they reduce leverage and enhance financial flexibility.
3. Improving Manhattan Office Market Fundamentals.
Manhattan's office market exhibited signs of recovery and strength, particularly in the "flight to quality" trend benefiting SL Green's portfolio of premier properties. The company's Manhattan same-store office occupancy increased to 94.7% as of June 30, 2026, up from 94.4% in the prior quarter, with a target to reach 95.0% by December 31, 2026. This was supported by significant leasing activity, including a new 98,420 square foot 10-year lease with Legora, Inc. at 11 Madison Avenue in July 2026, reflecting healthy demand for high-quality office spaces in key submarkets.
4. Increased Institutional Investor Confidence.
Institutional investors demonstrated growing confidence in SL Green Realty during fiscal Q2 2026. Notably, HSBC Holdings PLC increased its stake by 15.0%, acquiring additional shares valued at $9.808 million. Similarly, Valueworks LLC established a new position worth $10.095 million in SL Green shares during the same quarter. These substantial investments from major institutional players underscore a positive sentiment regarding the company's future prospects and operational strategy.
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Stock Movement Drivers
Fundamental Drivers
The 13.7% change in SLG stock from 5/31/2026 to 9/25/2026 was primarily driven by a 10.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.87 | 51.01 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 955 | 983 | 3.0% |
| P/S Multiple | 3.3 | 3.7 | 10.4% |
| Shares Outstanding (Mil) | 71 | 71 | 0.0% |
| Cumulative Contribution | 13.7% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| SLG | 13.7% | |
| Market (SPY) | 2.2% | 16.6% |
| Sector (XLRE) | -4.7% | 47.0% |
Fundamental Drivers
The 42.5% change in SLG stock from 2/28/2026 to 9/25/2026 was primarily driven by a 36.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.79 | 51.01 | 42.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 940 | 983 | 4.6% |
| P/S Multiple | 2.7 | 3.7 | 36.7% |
| Shares Outstanding (Mil) | 70 | 71 | -0.3% |
| Cumulative Contribution | 42.5% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| SLG | 42.5% | |
| Market (SPY) | 13.0% | 33.5% |
| Sector (XLRE) | -3.7% | 45.6% |
Fundamental Drivers
The -6.3% change in SLG stock from 8/31/2025 to 9/25/2026 was primarily driven by a -13.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.45 | 51.01 | -6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 901 | 983 | 9.1% |
| P/S Multiple | 4.3 | 3.7 | -13.8% |
| Shares Outstanding (Mil) | 70 | 71 | -0.3% |
| Cumulative Contribution | -6.3% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| SLG | -6.3% | |
| Market (SPY) | 20.9% | 33.5% |
| Sector (XLRE) | 1.6% | 41.5% |
Fundamental Drivers
The 52.4% change in SLG stock from 8/31/2023 to 9/25/2026 was primarily driven by a 74.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.46 | 51.01 | 52.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,022 | 983 | -3.8% |
| P/S Multiple | 2.1 | 3.7 | 74.6% |
| Shares Outstanding (Mil) | 64 | 71 | -9.3% |
| Cumulative Contribution | 52.4% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| SLG | 52.4% | |
| Market (SPY) | 77.8% | 46.7% |
| Sector (XLRE) | 24.4% | 62.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SLG Return | 27% | -51% | 49% | 58% | -29% | 14% | 19% |
| Peers Return | 18% | -36% | 20% | 12% | -22% | -7% | -27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| SLG Win Rate | 67% | 33% | 58% | 83% | 25% | 67% | |
| Peers Win Rate | 58% | 38% | 50% | 53% | 42% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SLG Max Drawdown | -20% | -58% | -54% | -18% | -36% | -28% | |
| Peers Max Drawdown | -18% | -46% | -42% | -21% | -34% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VNO, BXP, ESRT, ARE, KRC. See SLG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | SLG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.5% | -18.8% |
| % Gain to Breakeven | 36.0% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.3% | -9.5% |
| % Gain to Breakeven | 18.1% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -49.4% | -6.7% |
| % Gain to Breakeven | 97.8% | 7.1% |
| Time to Breakeven | 130 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -49.4% | -24.5% |
| % Gain to Breakeven | 97.6% | 32.4% |
| Time to Breakeven | 635 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.6% | -33.7% |
| % Gain to Breakeven | 141.6% | 50.9% |
| Time to Breakeven | 651 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.4% | -19.2% |
| % Gain to Breakeven | 24.1% | 23.8% |
| Time to Breakeven | 367 days | 105 days |
In The Past
SL Green Realty's stock fell -26.5% during the 2025 US Tariff Shock. Such a loss loss requires a 36.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | SLG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.5% | -18.8% |
| % Gain to Breakeven | 36.0% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -49.4% | -6.7% |
| % Gain to Breakeven | 97.8% | 7.1% |
| Time to Breakeven | 130 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -49.4% | -24.5% |
| % Gain to Breakeven | 97.6% | 32.4% |
| Time to Breakeven | 635 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.6% | -33.7% |
| % Gain to Breakeven | 141.6% | 50.9% |
| Time to Breakeven | 651 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.3% | -12.2% |
| % Gain to Breakeven | 43.5% | 13.9% |
| Time to Breakeven | 162 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.0% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 70 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.8% | -17.9% |
| % Gain to Breakeven | 58.2% | 21.8% |
| Time to Breakeven | 527 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.5% | -15.4% |
| % Gain to Breakeven | 27.4% | 18.2% |
| Time to Breakeven | 71 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -90.6% | -53.4% |
| % Gain to Breakeven | 967.3% | 114.4% |
| Time to Breakeven | 816 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.0% | -8.6% |
| % Gain to Breakeven | 28.2% | 9.5% |
| Time to Breakeven | 2460 days | 47 days |
In The Past
SL Green Realty's stock fell -26.5% during the 2025 US Tariff Shock. Such a loss loss requires a 36.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SL Green Realty (SLG)
SL Green Realty Corp. (SLG) is a leading real estate investment trust (REIT) focused exclusively on the Manhattan commercial property market. As Manhattan's largest office landlord, the company's core business involves strategically acquiring, actively managing, and enhancing the value of its extensive portfolio of commercial buildings across the borough.
The company's main products are the prime commercial office spaces it leases to tenants, effectively providing businesses with high-quality infrastructure and amenities within Manhattan's desirable locations. Beyond direct property ownership and leasing, SL Green also generates revenue through its investments in properties that secure debt and preferred equity, broadening its engagement within the real estate finance sector.
SL Green's primary market is the dynamic commercial real estate landscape of Manhattan, New York City. Its diverse customer base consists of businesses and corporations across various industries that seek premium office accommodations in one of the world's premier financial and business centers. This specialized focus and dominant market share underscore its strategic position in a critical urban economy.
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Here are 1-3 brief analogies for SL Green Realty (SLG):
- SL Green Realty is like the **Amazon for Manhattan office space**.
- SL Green Realty is like the **McDonald's for Manhattan office buildings**.
- SL Green Realty is like **Simon Property Group**, but for Manhattan office buildings instead of shopping malls.
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- Office Space Leasing: Providing rental office space to tenants in their extensive portfolio of Manhattan commercial properties.
- Property Management: Managing the operational aspects, maintenance, and tenant relations for their owned commercial real estate assets.
- Real Estate Debt and Preferred Equity Investments: Generating income and returns by providing financing to other real estate projects through debt or preferred equity instruments.
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SL Green Realty's primary customers are other companies. These companies lease office and commercial space within SL Green's portfolio of properties in Manhattan.
Due to the diversified nature of SL Green's vast portfolio of 88 buildings and millions of square feet, the company typically has a large and varied tenant base across numerous industries. SL Green does not publicly disclose a definitive list of its 'major customers' (tenants) with their specific names and stock symbols. This is standard practice for a diversified office REIT, as tenant concentration risk is generally mitigated by having many tenants rather than a few dominant ones.
Their tenants encompass a wide range of businesses, including financial firms, law firms, technology companies, media companies, and other corporate entities that require prime office space in Manhattan.
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- Con Edison (ED)
- AECOM (ACM)
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Marc Holliday, Chairman & Chief Executive Officer
Marc Holliday has served as Chief Executive Officer of SL Green Realty Corp. since January 2004, Chairman of the Board since January 2019, and Interim President since January 2024. He joined the company in 1998 as Chief Investment Officer. Prior to SL Green, Mr. Holliday held management positions at the former Victor Capital Group (formerly Capital Trust), a real estate investment management firm that focused on publicly traded real estate mezzanine lending. He also previously served as President & CEO of Gramercy Capital Corp., a public REIT, from August 2004 to October 2008. Mr. Holliday received a B.S. in Business/Finance from Lehigh University and an M.S. in Real Estate Development from Columbia University.
Matthew J. DiLiberto, Chief Financial Officer
Matthew J. DiLiberto has served as Chief Financial Officer of SL Green Realty Corp. since January 1, 2015. He joined SL Green in September 2004, and previously held the roles of Chief Accounting Officer and Treasurer from 2007 to 2014. Mr. DiLiberto oversees the finance, accounting, tax, investor relations, and corporate capital markets functions for the organization. Before joining SL Green, he was a Controller and Director of Information Management at Chelsea Property Group, a division of Simon Property Group, from June 2000 to 2004. He also worked as a Senior Financial Analyst at Vornado Realty Trust from August 1998 to June 2000 and as a Business Assurance Associate at Coopers and Lybrand, LLP (now PricewaterhouseCoopers LLP). Mr. DiLiberto holds a B.S. degree in Accounting from The University of Scranton. He was previously a co-owner of Leavine Family Racing, a motorsports organization.
Harrison Sitomer, President & Chief Investment Officer
Harrison Sitomer serves as President & Chief Investment Officer of SL Green Realty Corp.
Andrew S. Levine, Chief Legal Officer
Andrew S. Levine serves as Chief Legal Officer of SL Green Realty Corp. He has been the Chief Legal Officer since April 16, 2007.
Edward V. Piccinich, Chief Operating Officer
Edward V. Piccinich serves as Chief Operating Officer of SL Green Realty Corp. He previously held the title of Executive Vice President.
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The key risks to SL Green Realty (SLG), a prominent Manhattan office landlord, primarily stem from structural shifts in office demand, the current interest rate environment, and the highly competitive nature of the real estate market.
- Impact of Remote and Hybrid Work on Office Demand and Occupancy Rates: The long-term shift towards remote and hybrid work models, accelerated by the COVID-19 pandemic, poses a significant and ongoing risk to SL Green. This trend has led to concerns about sustained elevated office vacancies and downward pressure on rental rates across New York City. While SL Green's focus on Class A properties has shown some resilience, overall demand for office space continues to face headwinds as companies re-evaluate their physical footprint, impacting lease renewals and new leasing activity.
- High Interest Rates and Significant Refinancing Risks: SL Green is exposed to substantial financial risk due to high interest rates, particularly with a notable volume of debt maturities approaching in 2025 and 2027. A sustained "higher-for-longer" interest rate environment means that refinancing this debt will likely incur higher costs, negatively impacting the company's cash flow, profitability, and potentially forcing asset sales to manage obligations.
- Competitive Real Estate Market, Lease Rollover Risk, and Declining Funds From Operations (FFO): The Manhattan commercial real estate market is intensely competitive, increasing the risk that SL Green may be unable to renew or relet expiring leases at favorable terms. This competitive pressure, combined with reduced overall office demand, can lead to increased vacancies and put downward pressure on rental income and property valuations. These market dynamics and financial pressures have contributed to a decline in SL Green's Funds From Operations (FFO) per share, which is a crucial indicator of a REIT's operating performance and can affect dividend payouts.
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The clear emerging threat for SL Green Realty is the widespread and accelerating adoption of **remote and hybrid work models**. This structural shift reduces the overall demand for traditional office space, pressuring occupancy rates and rental income for commercial landlords in dense urban centers like Manhattan. Similar to how streaming services fundamentally changed the demand for physical video rentals, remote and hybrid work models fundamentally alter the perceived necessity and configuration of physical office space for companies.
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The addressable market for SL Green Realty's main products and services is the commercial office real estate market in Manhattan, New York. The market size can be quantified in terms of total office space and annual sales volume.
- The total office space in Manhattan is approximately 600 million square feet.
- The office sales volume in Manhattan reached $11.29 billion in 2025.
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SL Green Realty (NYSE: SLG) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Increased Occupancy and Leasing Activity: SL Green has shown improved occupancy rates and strong leasing momentum in its Manhattan office portfolio. The company reported achieving 93% same-store occupancy at year-end 2025, an increase of nearly 400 basis points from early 2024 lows, and is targeting 94.8% same-store occupancy by year-end 2026. This is supported by a significant forward pipeline of over 1,000,000 square feet in leasing activity.
- Growth in Rental Rates and Same-Store Net Operating Income (NOI): Management anticipates a strong increase in cash same-store NOI growth, forecasting between 3.5% and 4.5% annually and over 10% year-over-year in 2027. This growth is expected to be supported by high leasing volumes and improved occupancy levels, indicating an ability to achieve higher rental rates on renewed and new leases.
- Expansion of Fee-Based Income: SL Green projects generating over $100 million in fee revenue from institutional clients in 2026. The company also plans to launch fundraising for a new senior credit lending fund, which will further contribute to its asset management business and fee-based revenue streams.
- Overall Manhattan Office Market Recovery and Investor Demand: The company expresses optimism for 2026 and 2027, projecting occupancy gains and business growth within the commercial office sector. This positive outlook is underpinned by strong fundamentals, an increase in leasing activity (with large-scale transactions surging 15% in 2025), and robust investor interest in New York City assets from both domestic and international sources.
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Share Repurchases
- During 2021 and into early 2022, SL Green repurchased 5.1 million shares of its common stock and redeemed 0.7 million Operating Partnership (OP) units, contributing to a total of 36.6 million shares and 1.8 million OP units repurchased and redeemed under a previously authorized $3.5 billion share repurchase program.
Share Issuance
- In November 2024, SL Green priced an underwritten public offering of 5,063,291 shares of its common stock at $79.00 per share, generating approximately $400 million in gross proceeds. The net proceeds were intended for general corporate purposes, including new debt and equity investment opportunities and debt repayment.
- In January 2022, the company completed a reverse stock split to mitigate the dilutive impact of a special dividend paid primarily in stock.
Outbound Investments
- In December 2021, SL Green completed the sale of its ownership interest in office and garage condominiums at 110 East 42nd Street for a gross sale price of $117.1 million, generating net cash proceeds of $28.1 million.
- In December 2022, the company sold 414,317 square feet of office leasehold condominium units at 885 Third Avenue for $300.4 million in total consideration, resulting in net cash proceeds of $281.0 million.
- In the fourth quarter of 2025, SL Green sold a 49.0% joint venture interest in 100 Park Avenue for a gross asset valuation of $425.0 million, which yielded $34.9 million in cash proceeds to the company.
Capital Expenditures
- SL Green anticipates significant leasing capital expenditures as it continues to secure new tenants, with expectations for these expenditures to normalize as occupancy approaches stabilization.
- The company's CAPEX/Revenue ratio was 18.4% in 2021, 43.5% in 2022, and 35.8% in 2023.
- In the fourth quarter of 2024, SL Green invested $15.5 million in real estate debt and commercial mortgage-backed securities (CMBS).
Peer Outperformance in Office REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 16.2% | 60.4% | 59.3% | WELL 213% · DHC 156% · CTRE 126% |
| Retail REITs | 22 | 8.7% | 39.4% | 30.6% | IVT 1490% · SKT 150% · SPG 100% |
| Real Estate Development | 6 | -16.8% | 22.6% | 19.1% | JOE 63% · AXR 49% · FOR 39% |
| Other Specialized REITs | 11 | 6.8% | 23.9% | 13.5% | IRM 204% · EPR 60% · LAMR 58% |
| Industrial REITs | 11 | 17.1% | 27.6% | 4.7% | EGP 38% · FR 32% · PLD 21% |
| Hotel & Resort REITs | 16 | 35.3% | 38.2% | 3.8% | HST 68% · RHP 64% · DRH 50% |
| Diversified REITs | 12 | 10.0% | 36.7% | -6.8% | CTO 72% · LXP 23% · WPC 20% |
| Single-Family Residential REITs | 4 | -3.7% | -0.1% | -17.8% | AMH -10% · ELS -15% · INVH -20% |
| Multi-Family Residential REITs | 13 | -3.7% | 6.9% | -22.0% | AIV 4% · ESS -1% · BRT -6% |
| Real Estate Services | 26 | -18.7% | -0.1% | -30.1% | REAX 783% · CHCI 289% · MLP 56% |
| Office REITs ← | 18 | -11.4% | 29.0% | -33.5% | PSTL 72% · CDP 52% · SLG -3% |
| Telecom Tower REITs | 3 | -12.8% | -11.6% | -47.6% | AMT -30% · SBAC -48% · CCI -52% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.33 |
| Mkt Cap | 5.2 |
| Rev LTM | 1,462 |
| Op Inc LTM | 237 |
| FCF LTM | 309 |
| FCF 3Y Avg | 501 |
| CFO LTM | 453 |
| CFO 3Y Avg | 656 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.6% |
| Rev Chg 3Y Avg | 0.5% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -23.4% |
| Op Inc Chg 3Y Avg | -4.3% |
| Op Mgn LTM | 16.6% |
| Op Mgn 3Y Avg | 19.9% |
| QoQ Delta Op Mgn LTM | -1.6% |
| CFO/Rev LTM | 32.8% |
| CFO/Rev 3Y Avg | 39.4% |
| FCF/Rev LTM | 25.2% |
| FCF/Rev 3Y Avg | 34.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate Segment | 789 | 710 | 761 | 749 | 765 |
| SUMMIT Segment | 122 | 133 | 118 | 89 | 16 |
| Debt and Preferred Equity (DPE) Segment | 92 | 43 | 35 | 81 | 80 |
| Total | 1,003 | 886 | 914 | 919 | 861 |
| $ Mil | 2005 | 2004 | 2003 | 2002 |
|---|---|---|---|---|
| Real Estate | 96 | 83 | 56 | 61 |
| Structured Finance | 27 | 31 | 19 | 15 |
| Total | 123 | 113 | 75 | 76 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Debt and Preferred Equity (DPE) Segment | 7 | 56 | 68 | 60 | 133 |
| SUMMIT Segment | 6 | -1 | |||
| Real Estate Segment | -613 | -132 | 413 | 354 | 159 |
| Total | -599 | -76 | 481 | 415 | 291 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Real Estate Segment | 8,717 | 11,727 | 9,974 | 10,580 | 11,063 |
| SUMMIT Segment | 465 | ||||
| Debt and Preferred Equity (DPE) Segment | 350 | 628 | 1,092 | 1,128 | 1,703 |
| Total | 9,531 | 12,356 | 11,067 | 11,708 | 12,766 |
Price Behavior
| Market Price | $51.01 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 08/15/1997 | |
| Distance from 52W High | -14.7% | |
| 50 Days | 200 Days | |
| DMA Price | $54.35 | $45.87 |
| DMA Trend | up | up |
| Distance from DMA | -6.1% | 11.2% |
| 3M | 1YR | |
| Volatility | 33.8% | 37.5% |
| Downside Capture | 119.72 | 121.21 |
| Upside Capture | 82.09 | 84.80 |
| Correlation (SPY) | 14.9% | 34.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.29 | -0.01 | 0.15 | 0.83 | 0.95 | 1.27 |
| Up Beta | 1.76 | 0.58 | 0.22 | 0.98 | 1.17 | 1.19 |
| Down Beta | -4.10 | -3.24 | -1.04 | 0.08 | 0.77 | 1.20 |
| Up Capture | 176% | 79% | 112% | 153% | 80% | 244% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 34 | 71 | 128 | 387 |
| Down Capture | 143% | 34% | 7% | 64% | 103% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 21 | 30 | 55 | 122 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLG | |
|---|---|---|---|---|
| SLG | -12.7% | 37.5% | -0.29 | - |
| Sector ETF (XLRE) | 2.7% | 14.1% | -0.05 | 41.6% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 34.2% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 4.1% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -26.4% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 47.0% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 24.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLG | |
|---|---|---|---|---|
| SLG | 0.7% | 43.8% | 0.15 | - |
| Sector ETF (XLRE) | 1.0% | 19.1% | -0.05 | 61.1% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 48.5% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 7.2% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 8.5% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 65.9% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 21.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLG | |
|---|---|---|---|---|
| SLG | -2.3% | 42.4% | 0.09 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.25 | 64.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 52.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 4.0% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 16.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 69.1% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 1.9% | 0.0% | 7.2% |
| 4/16/2026 | 6.1% | 3.1% | 4.0% |
| 1/29/2026 | 0.5% | -4.8% | -15.6% |
| 10/16/2025 | -2.3% | -3.9% | -10.4% |
| 7/17/2025 | -1.8% | -3.2% | -11.1% |
| 4/17/2025 | -4.1% | 3.7% | 12.1% |
| 1/23/2025 | 0.3% | 1.1% | -3.2% |
| 10/17/2024 | 4.8% | 3.1% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 15 |
| # Negative | 9 | 10 | 9 |
| Median Positive | 1.9% | 3.8% | 6.8% |
| Median Negative | -1.8% | -4.3% | -8.3% |
| Max Positive | 6.2% | 19.0% | 26.8% |
| Max Negative | -4.1% | -10.2% | -19.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 1.9% | 0.0% | 7.2% |
| 4/16/2026 | 6.1% | 3.1% | 4.0% |
| 1/29/2026 | 0.5% | -4.8% | -15.6% |
| 10/16/2025 | -2.3% | -3.9% | -10.4% |
| 7/17/2025 | -1.8% | -3.2% | -11.1% |
| 4/17/2025 | -4.1% | 3.7% | 12.1% |
| 1/23/2025 | 0.3% | 1.1% | -3.2% |
| 10/17/2024 | 4.8% | 3.1% | 1.0% |
| 7/18/2024 | -0.0% | 3.9% | 5.1% |
| 4/18/2024 | 2.2% | 4.9% | 9.8% |
| 1/25/2024 | 0.6% | -1.3% | 0.4% |
| 10/19/2023 | 1.4% | -5.8% | 8.7% |
| 7/20/2023 | 4.4% | 5.9% | -3.3% |
| 4/20/2023 | -3.2% | -5.3% | -8.3% |
| 1/26/2023 | 6.2% | 19.0% | -5.3% |
| 10/20/2022 | -1.1% | 4.3% | 6.8% |
| 7/21/2022 | 0.6% | 3.4% | 1.8% |
| 4/21/2022 | -2.2% | -3.1% | -19.2% |
| 1/27/2022 | 3.3% | 4.1% | 14.6% |
| 10/21/2021 | -0.6% | -3.3% | 0.7% |
| 7/22/2021 | -1.3% | 1.2% | -5.7% |
| 4/22/2021 | 2.4% | 8.3% | 10.3% |
| 1/28/2021 | 0.0% | -6.4% | 6.4% |
| 10/22/2020 | 1.4% | -10.2% | 26.8% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 15 |
| # Negative | 9 | 10 | 9 |
| Median Positive | 1.9% | 3.8% | 6.8% |
| Median Negative | -1.8% | -4.3% | -8.3% |
| Max Positive | 6.2% | 19.0% | 26.8% |
| Max Negative | -4.1% | -10.2% | -19.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 7/24/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO | Reported | 5.6 | 5.75 | 5.9 | Raised | Guidance: 4.55 for 2026 | ||
| 2026 Manhattan same-store office occupancy | Reported | 0.95 | 0.0% | 0.0% | Affirmed | Guidance: 0.95 for 2026 | ||
| 2026 Net Income | Reported | 0.2 | 0.35 | 0.5 | Raised | Guidance: -0.12 for 2026 | ||
Prior: Q3 2025 Earnings Reported 10/16/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Manhattan same-store office occupancy | Reported | 0.93 | 0.0% | Affirmed | Guidance: 0.93 for 2025 | |||
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sitomer, Harrison | PRESIDENT & CIO | Direct | Sell | 8242026 | 57.71 | 23,113 | 1,333,940 | 6,317,821 | Form |
| 2 | Sitomer, Harrison | PRESIDENT & CIO | Direct | Sell | 8242026 | 58.52 | 16,887 | 988,295 | 7,759,170 | Form |
| 3 | Brown, Carol N | Direct | Sell | 3302026 | 36.33 | 5,004 | Form | |||
| 4 | Holliday, Marc | PRESIDENT & CEO | Direct | Sell | 12292025 | 44.40 | 22,223 | 986,701 | 430,576 | Form |
| 5 | Levine, Andrew S | CHIEF LEGAL OFFICER & GC | Direct | Sell | 12232025 | 45.27 | 1,493 | 67,588 | 318,938 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sitomer, Harrison | PRESIDENT & CIO | Direct | Sell | 8242026 | 57.71 | 23,113 | 1,333,940 | 6,317,821 | Form |
| 2 | Sitomer, Harrison | PRESIDENT & CIO | Direct | Sell | 8242026 | 58.52 | 16,887 | 988,295 | 7,759,170 | Form |
| 3 | Brown, Carol N | Direct | Sell | 3302026 | 36.33 | 5,004 | Form | |||
| 4 | Holliday, Marc | PRESIDENT & CEO | Direct | Sell | 12292025 | 44.40 | 22,223 | 986,701 | 430,576 | Form |
| 5 | Levine, Andrew S | CHIEF LEGAL OFFICER & GC | Direct | Sell | 12232025 | 45.27 | 1,493 | 67,588 | 318,938 | Form |
| 6 | Brown, Carol N | Direct | Sell | 9122025 | 63.09 | 937 | Form |
Investor Activity (13F)
Updated Sep 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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