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SLG

SL Green Realty Corp.

SLG

SL Green Realty Corp. • NYSE
$47.13 ▲ 0.27% (+0.13)
Market Cap $3.35 B
52w High $79.22
52w Low $42.92
Dividend Yield 3.09%
P/E 2356.5
Volume 433.90K
Outstanding Shares 71.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $244.817M ▲ $23.701M ▲ $30.766M ▲ 12.567% ▲ $0.35 ▲ $135.325M ▲
Q2-2025 $219.141M ▼ $21.579M ▼ $-5.202M ▲ -2.374% ▲ $-0.37 ▲ $123.999M ▲
Q1-2025 $241.016M ▲ $21.724M ▼ $-15.183M ▼ -6.3% ▲ $-0.43 ▼ $99.797M ▲
Q4-2024 $-33.873M ▼ $22.827M ▲ $15.253M ▲ -45.03% ▼ $0.072 ▲ $-175.74M ▼
Q3-2024 $214.263M $21.015M $-7.365M -3.437% $-0.4 $71.259M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.138M ▼ $11.144B ▼ $6.743B ▼ $3.968B ▼
Q2-2025 $200.063M ▲ $11.252B ▼ $6.89B ▼ $3.987B ▲
Q1-2025 $192.428M ▼ $11.411B ▲ $6.972B ▲ $3.836B ▼
Q4-2024 $207.106M ▲ $10.47B ▲ $5.915B ▼ $3.951B ▲
Q3-2024 $204.738M $10.216B $6.136B $3.723B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.985M ▲ $-61.198M ▼ $68.7M ▼ $6.841M ▲ $14.226M ▲ $-35.133M ▼
Q2-2025 $-5.723M ▲ $90.242M ▲ $97.341M ▲ $-181.794M ▼ $5.789M ▲ $28.423M ▲
Q1-2025 $-21.545M ▼ $6.71M ▼ $-176.273M ▼ $174.953M ▲ $5.39M ▼ $6.71M ▼
Q4-2024 $19.138M ▲ $58.175M ▲ $156.228M ▲ $-197.89M ▼ $16.513M ▲ $58.175M ▲
Q3-2024 $-9.264M $16.723M $-159.277M $141.868M $-686K $16.723M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Debt And Preferred Equity Segment
Debt And Preferred Equity Segment
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Real Estate Segment
Real Estate Segment
 $180.00M ▲$180.00M ▲$190.00M ▲$180.00M ▼
Structured Finance Segment
Structured Finance Segment
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement SL Green’s revenue has gradually trended down from its pre‑pandemic peak, reflecting the pressure on Manhattan office demand. Operating profits have also narrowed over time, showing that it has become harder to maintain past margin levels in this market. Earnings swung from solid profits a few years ago to losses in 2022 and especially 2023, likely driven by property write‑downs, higher interest costs, and leasing challenges. The return to a modest profit most recently is encouraging, but overall the income statement still tells a story of a business operating in a tougher environment than before, with more volatility in bottom‑line results than investors typically prefer in a REIT.

Balance Sheet

Balance Sheet The balance sheet shows a large, high‑value property base that has fluctuated as SL Green buys, sells, and revalues assets. Debt remains substantial, which is normal for an office REIT but still a key point of financial risk, especially in a higher‑rate world. Management has trimmed borrowings from prior peaks, suggesting an effort to de‑risk, but leverage is still a central feature of the capital structure. Equity levels have edged down from earlier years, reflecting past losses and asset adjustments. Overall, the balance sheet is sizable and still soundly anchored in Manhattan real estate, but it is sensitive to property values, interest rates, and refinancing conditions.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive, even in years when accounting earnings were weak or negative. That indicates the core portfolio continues to throw off meaningful cash, aided by long‑term leases. Free cash flow has been more uneven, swinging with development projects and capital spending; when SL Green invests heavily in major buildings or renovations, it temporarily reduces available cash. Over a multi‑year view, the cash flow profile looks more stable than the income statement, but still exposed to leasing trends, tenant health, and funding costs. The company appears to manage investment pacing and asset sales to support liquidity, which is important for a capital‑intensive landlord.

Competitive Edge

Competitive Edge SL Green’s main advantage is its dominant, long‑built position as Manhattan’s largest office landlord. It controls a cluster of iconic, well‑located properties in some of the most desirable business and retail districts in the world, which is difficult for rivals to replicate. Its fully integrated model—covering acquisitions, development, construction, leasing, and property management in‑house—gives it operational control and local expertise. The company leans heavily into high‑end, amenity‑rich buildings and concierge‑style service to attract blue‑chip tenants. Offsetting these strengths, its exposure is highly concentrated in New York City office and related uses, a market facing structural questions from remote work, corporate space downsizing, and shifting neighborhood dynamics. Competition from other Class‑A landlords and newer flexible‑space concepts also remains intense.

Innovation and R&D

Innovation and R&D For a real estate company, SL Green is relatively aggressive on innovation. It has made sustainability and technology central themes, with flagship properties like One Vanderbilt showcasing advanced energy systems, smart‑building infrastructure, and strong environmental credentials. The company uses digital platforms to manage buildings and communicate with tenants more effectively, aiming to improve both efficiency and experience. Strategically, it is experimenting with office‑to‑residential conversions, mixed‑use concepts, and experiential elements such as observatory attractions and high‑end dining to make buildings destinations, not just workplaces. Longer‑term ideas—like a Times Square casino or “Vertical Garden City”‑style developments—show a willingness to rethink what dense urban towers can be. These initiatives could create new revenue streams and help reposition older office stock, but they also come with execution risk, regulatory complexity, and substantial capital needs.

Summary

Overall, SL Green is a large, Manhattan‑focused office landlord working through a challenging phase for its core asset class. The financials show resilient cash generation but pressured revenue and profitability, with meaningful swings in net income as the company absorbs valuation hits and adapts its portfolio. The balance sheet is anchored by prime properties but relies heavily on debt, making interest rates, refinancing, and property values critical factors to monitor. Strategically, SL Green is leaning into high‑quality, amenitized, and sustainable assets, while exploring conversions and mixed‑use projects to better match the evolving needs of tenants and the city. The key uncertainties revolve around the long‑term demand for Manhattan office space, the pace of successful asset repositioning, and how well the company can continue to manage leverage in a high‑cost capital environment.

NEWS

November 19, 2025 · 7:30 AM UTC

SL Green Realty Corp. Announces Common Stock Dividend

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October 30, 2025 · 9:00 AM UTC

San Lorenzo Gold to Attend the 51st Annual New Orleans Investment Conference

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October 17, 2025 · 7:30 AM UTC

SL Green Realty Corp. Announces Common Stock Dividend

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October 15, 2025 · 4:39 PM UTC

SL Green Realty Corp. Reports Third Quarter 2025 EPS of $0.34 Per Share; and FFO of $1.58 Per Share

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October 15, 2025 · 4:25 PM UTC

SL Green Office Leasing Volume Exceeds 1.9 Million Square Feet

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