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SLG-PI

SL Green Realty Corp.

SLG-PI

SL Green Realty Corp. • NYSE
$21.44 ▲ 0.61% (+0.13)
Market Cap $3.92 B
52w High $24.53
52w Low $20.42
Dividend Yield 1.63%
P/E 3.17
Volume 2.13K
Outstanding Shares 166.57M

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 Q4-2024Q1-2025Q2-2025Q3-2025
Debt And Preferred Equity Segment
Debt And Preferred Equity Segment
 $0 ▲$30.00M ▲$30.00M ▲$20.00M ▼
Real Estate Segment
Real Estate Segment
 $190.00M ▲$190.00M ▲$180.00M ▼$200.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a business under pressure but still functioning. Rental and related revenues have drifted down over the last several years, reflecting a tougher office market and asset repositioning. Operating profits remain positive, but margins have steadily narrowed, suggesting higher costs, weaker pricing power in some assets, or both. Net earnings have been very volatile, swinging from solid profits to meaningful losses and back to only a small profit most recently, which likely reflects one‑off items, property revaluations, and financing effects layered on top of softer fundamentals. Overall, earnings quality looks uneven, and the trend points to a more challenging, lower-profit environment than earlier in the period.

Balance Sheet

Balance Sheet The balance sheet is sizeable and still anchored by a large portfolio of Manhattan office properties, but it carries meaningful leverage. Total assets have been broadly stable over time, with some fluctuation as properties are acquired, improved, or sold. Debt levels rose to a higher point mid‑period and have since been reduced, but borrowings still represent a major claim on the business and remain a key risk in a higher‑rate environment. Equity has edged down rather than grown, hinting that value has been absorbed by losses, distributions, and property revaluations instead of compounding steadily. Cash on hand is modest but fairly consistent, which is typical for a REIT that relies on ongoing access to capital markets and property cash flows.

Cash Flow

Cash Flow Cash flow is a relative bright spot compared with the income statement. Operating cash flow has remained positive throughout the period, indicating that the core property portfolio continues to throw off cash even as accounting earnings have swung around. Free cash flow has also been positive, though uneven, moving up and down with the timing of property investments and capital spending. Years with heavier investment outlays visibly compress free cash flow, but they also signal ongoing efforts to upgrade and reposition the portfolio. The pattern suggests a business that still generates enough cash to service its obligations and reinvest selectively, but not one that is clearly compounding cash generation year after year.

Competitive Edge

Competitive Edge SL Green’s competitive position is rooted in scale, location, and expertise. It is the largest office landlord in New York City, with a concentration of assets in prime, transit‑oriented parts of Midtown Manhattan. This gives the company bargaining power with vendors, deep market knowledge, and strong name recognition with large corporate tenants. An integrated platform—covering leasing, property management, development, and redevelopment in‑house—helps it move faster on complex projects and tailor space to evolving tenant needs. At the same time, its heavy exposure to Manhattan office means it is highly tied to the health of a single market that is still digesting remote and hybrid work, so its moat comes with concentrated risk.

Innovation and R&D

Innovation and R&D Innovation at SL Green is less about lab research and more about how it designs, operates, and repositions buildings. The company has leaned into green building standards, energy‑efficient retrofits, and advanced building management systems, aiming to cut costs and appeal to environmentally focused tenants and investors. Its use of data platforms and sustainability software to monitor building performance and ESG metrics shows a more analytical, tech‑enabled approach to running real estate. Flagship projects like One Vanderbilt showcase “smart building” features and high‑end amenities, while experiential concepts such as the SUMMIT observatory blur the line between office, tourism, and entertainment. Looking ahead, office‑to‑residential conversions, expansion of the SUMMIT concept abroad, opportunistic Midtown developments, and a potential Times Square gaming project are all examples of how SL Green is trying to diversify revenue and future‑proof parts of its portfolio.

Summary

Overall, SL Green looks like a dominant, highly specialized New York office landlord navigating a difficult phase in its core market. Financially, revenues and margins have softened, and earnings have been choppy, but the properties still generate positive cash flow, and leverage—while material—has been nudged down from peak levels. Strategically, the company is leaning on its scale, prime locations, and in‑house expertise while pushing into sustainability, smart buildings, and more experiential and mixed‑use offerings. The business carries clear risks tied to office demand, refinancing, and asset valuations, but it is also actively experimenting with conversions, entertainment concepts, and new developments to adapt. The picture is of a mature, asset‑heavy enterprise under cyclical and structural pressure, using innovation and repositioning to defend and, where possible, reshape its long‑term economics.