SL Green Realty Corp. (SLG) 10-Year Financial Performance & Capital Metrics

SLG • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsPremier Urban Office Landlords

AboutSL 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 properties. As of December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet. This included ownership interests in 28.6 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.Show more

Revenue $707M -15.6%
FFO $241M +177.7%
FFO/Share 3.66 +180.4%
FFO Payout 90.92% +222.0%
FFO per Share 3.66 +180.4%
NOI Margin 35.75% -20.2%
FFO Margin 34.06% +192.0%
ROE 0.7% +106.0%
ROA 0.31% +106.2%
Debt/Assets 43.21% -6.9%
Net Debt/EBITDA 11.50 +36.1%
Book Value/Share 69.34 +10.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 222.1% TTM
✓Share count reduced 3.4% through buybacks
✓Trading at only 0.7x book value

✗Weaknesses

✗Profits declining 35.8% over 5 years
✗Low NOI margin of 35.8%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-7.3%

5Y-10.12%

3Y-4.29%

TTM-27.06%

Profit (Net Income) CAGR

10Y-24.67%

5Y-35.81%

3Y-59.37%

TTM121.22%

EPS CAGR

10Y-31.68%

5Y-52.59%

3Y-77.05%

TTM100.01%

ROCE

10Y Avg4.44%

5Y Avg3.04%

3Y Avg2.53%

Latest1.81%

Peer Comparison

Premier Urban Office Landlords

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VNOVornado Realty Trust	6.46B	33.64	841	-1.3%	49.91%	12.9%	8.32%	1.46
BXPBXP, Inc.	10.63B	67.11	745.67	4.1%	0.14%	0.06%	11.61%	2.18
SLGSL Green Realty Corp.	3.45B	48.62	618.58	-15.6%	3.82%	0.58%	2.29%	0.99
FISKEmpire State Realty OP, L.P.	14.3M	6.36	22.71	3.19%	5.81%	2.5%	100%	1.39
OGCPEmpire State Realty OP, L.P.	27.64M	6.25	22.32	3.19%	5.81%	2.5%	100%	1.39
ESBAEmpire State Realty OP, L.P.	102.88M	6.01	21.46	3.19%	5.81%	2.5%	100%	1.39
NYCAmerican Strategic Investment Co.	26.41M	9.88	-0.17	-1.82%	-53.65%	-29.63%		4.71
PGREParamount Group, Inc.	1.46B	6.60	-31.43	1.97%	-13.47%	-2.39%	18.09%	0.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.68B	1.78B	1.53B	1.23B	1.2B	1.03B	805.91M	861.5M	837.2M	706.58M
Revenue Growth %	0.11%	0.06%	-0.14%	-0.19%	-0.02%	-0.15%	-0.22%	0.07%	-0.03%	-0.16%
Property Operating Expenses	567.16M	594.51M	570.92M	455.5M	458.63M	423.86M	365.69M	428.44M	462.07M	453.95M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	94.87M	99.76M	100.5M	92.63M	100.88M	91.83M	94.91M	93.8M	111.39M	85.19M
G&A Expenses	94.87M	99.76M	100.5M	92.63M	100.88M	91.83M	94.91M	93.8M	111.39M	85.19M
EBITDA+	1.39B	1.71B	1.24B	964.06M	917.33M	825.53M	558.11M	549.71M	497.33M	377.46M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	373.29M	622.04M	381.2M	277.49M	272.36M	313.67M	212.81M	210.45M	233.59M	210.02M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.01B	1.09B	861.95M	686.57M	644.97M	511.87M	345.3M	339.26M	263.75M	167.44M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	326.82M	324M	258.63M	210.63M	194.65M	118.86M	72.28M	89.47M	144.95M	165.32M
Interest Coverage	3.10x	3.36x	3.33x	3.26x	3.31x	4.31x	4.78x	3.79x	1.82x	1.01x
Non-Operating Income	414.29M	727.04M	403.32M	279.51M	272.36M	313.67M	217.97M	218.81M	257.01M	208.17M
Pretax Income+	302.91M	278.91M	101.07M	270.86M	291.49M	414.76M	480.63M	-76.3M	-585.56M	30.22M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	291.05M	261.13M	112.78M	258.65M	281.35M	379.8M	457.06M	-71.63M	-543.52M	30.65M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.44%	-0.1%	-0.57%	1.29%	0.09%	0.35%	0.2%	-1.16%	-6.59%	1.06%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.23%	0.33%	-0.44%	0.09%	0.03%	0.25%	-0.03%	-0.79%	-3.23%	1.78%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.71	2.48	0.92	2.83	3.28	5.01	6.50	-1.40	-8.36	0.08
EPS Growth %	-0.24%	-0.08%	-0.63%	2.08%	0.16%	0.53%	0.3%	-1.22%	-4.97%	1.01%
EPS (Basic)	2.72	2.48	0.92	2.83	3.29	5.03	6.57	-1.98	-9.53	0.01
Diluted Shares Outstanding	97.8M	98.88M	97.49M	86.43M	81.86M	72.82M	68.67M	67.93M	67.97M	65.69M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	19.73B	15.86B	13.98B	12.75B	12.77B	11.71B	11.07B	12.36B	9.53B	10.47B
Asset Growth %	0.15%	-0.2%	-0.12%	-0.09%	0%	-0.08%	-0.05%	0.12%	-0.23%	0.1%
Real Estate & Other Assets+	15.31B	11.08B	8.34B	6.78B	7.13B	5.96B	6.15B	7.55B	510.76M	5.02B
PP&E (Net)	0	0	0	0	0	0	0	0	5.02B	865.64M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	1.14B	966.88M	1.12B	713.36M	1.01B	783.32M	837.93M	715.03M	655.2M	1.38B
Cash & Equivalents	255.4M	279.44M	127.89M	129.47M	166.07M	266.06M	251.42M	203.27M	221.82M	184.29M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	268.56M	90.52M	460.49M	149.64M	467.02M	106.74M	226.42M	180.78M	113.7M	124.53M
Intangible Assets	535.77M	240.17M	48.84M	25.5M	26.98M	25.15M	17.08M	213.49M	4.78M	181.07M
Total Liabilities	11.3B	7.33B	6.63B	6.12B	6.56B	6.21B	5.75B	7.26B	5.27B	5.92B
Total Debt+	10.32B	6.52B	5.9B	5.59B	5.93B	5.42B	4.97B	6.51B	4.42B	4.52B
Net Debt	10.06B	6.24B	5.77B	5.46B	5.77B	5.15B	4.72B	6.31B	4.2B	4.34B
Long-Term Debt	10.28B	6.48B	5.86B	5.05B	5.27B	4.82B	3.64B	5.07B	2.94B	3.29B
Short-Term Borrowings	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	41.36M	42.13M	42.84M	43.62M	426.12M	491.98M	954.28M	999.32M	933.22M	917.84M
Total Current Liabilities+	1.73B	534.44M	506.19M	254.25M	616.4M	544M	919.04M	906.13M	880.18M	642.14M
Accounts Payable	196.21M	190.58M	137.14M	147.06M	166.91M	151.31M	157.57M	154.87M	153.16M	122.67M
Deferred Revenue	399.1M	217.96M	208.12M	94.45M	114.05M	118.57M	107.28M	272.25M	134.05M	164.89M
Other Liabilities	-748.55M	54.79M	-69.08M	531.78M	239.33M	356.63M	247.7M	286.68M	521.31M	1.06B
Total Equity+	8.43B	8.53B	7.35B	6.64B	6.21B	5.5B	5.32B	5.09B	4.26B	4.55B
Equity Growth %	0.05%	0.01%	-0.14%	-0.1%	-0.06%	-0.11%	-0.03%	-0.04%	-0.16%	0.07%
Shareholders Equity	7.29B	7.32B	6.23B	5.9B	5.44B	4.91B	4.76B	4.76B	3.79B	3.95B
Minority Interest	1.14B	1.2B	1.13B	734.57M	769.03M	586.46M	553.7M	331.88M	474.16M	603.66M
Common Stock	1M	0	939K	847K	803K	716K	672K	656K	660K	711K
Additional Paid-in Capital	5.44B	5.62B	4.97B	4.51B	4.29B	3.86B	3.74B	3.79B	3.83B	4.16B
Retained Earnings	1.64B	1.58B	1.14B	1.28B	1.08B	1.02B	975.78M	651.14M	-151.55M	-449.1M
Preferred Stock	221.93M	221.93M	221.93M	221.93M	221.93M	221.93M	221.93M	221.93M	221.93M	221.93M
Return on Assets (ROA)	0.02%	0.01%	0.01%	0.02%	0.02%	0.03%	0.04%	-0.01%	-0.05%	0%
Return on Equity (ROE)	0.04%	0.03%	0.01%	0.04%	0.04%	0.06%	0.08%	-0.01%	-0.12%	0.01%
Debt / Assets	0.52%	0.41%	0.42%	0.44%	0.46%	0.46%	0.45%	0.53%	0.46%	0.43%
Debt / Equity	1.22x	0.77x	0.80x	0.84x	0.96x	0.99x	0.93x	1.28x	1.04x	0.99x
Net Debt / EBITDA	7.25x	3.65x	4.64x	5.66x	6.29x	6.24x	8.46x	11.48x	8.45x	11.50x
Book Value per Share	86.16	86.23	75.43	76.78	75.86	75.47	77.45	75.00	62.68	69.34

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	526.48M	644.01M	543M	441.54M	376.47M	554.24M	255.98M	417.83M	229.5M	291.07M
Operating CF Growth %	0.07%	0.22%	-0.16%	-0.19%	-0.15%	0.47%	-0.54%	0.63%	-0.45%	0.27%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	317.46M	278.91M	112.78M	270.86M	291.49M	378.03M	457.06M	-73.85M	-599.34M	28.75M
Depreciation & Amortization	588.24M	845.61M	419.82M	289.9M	284.01M	325.46M	228.29M	216.17M	255.65M	207.44M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-356.61M	-384.9M	46.38M	-89.43M	-86.32M	-228.06M	-308.96M	315.87M	570.24M	187.4M
Working Capital Changes	-22.61M	-95.6M	-35.97M	-29.79M	-112.71M	78.8M	-120.42M	-40.36M	2.95M	-132.52M
Cash from Investing+	-2.27B	1.97B	-18.85M	681.66M	114.49M	1.06B	993.58M	306.41M	171.34M	-43.43M
Acquisitions (Net)	-161.71M	-84.46M	0	5.46M	-128.68M	-70.31M	0	82.84M	0	18.31M
Purchase of Investments	-780.51M	-43.34M	-1.13B	0	-615.71M	0	0	-300.38M	-82.69M	-619.34M
Sale of Investments	1000K	1000K	0	1000K	1000K	1000K	0	1000K	0	1000K
Other Investing	-1.33B	1.18B	1.11B	-26.84M	-233.49M	789.15M	993.58M	0	254.04M	-23.05M
Cash from Financing+	1.71B	-2.74B	-684.96M	-1.09B	-528.65M	-1.48B	-1.29B	-677.17M	-449.38M	-251.52M
Dividends Paid	-257.38M	-314.08M	-333.54M	-313.23M	-306.39M	-294M	-271.07M	-262.14M	-230.93M	-218.82M
Common Dividends	-257.38M	-314.08M	-333.54M	-313.23M	-306.39M	-294M	-271.07M	-262.14M	-230.93M	-218.82M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Share Repurchases	-200K	-3.3M	-806.58M	-980.75M	-387.89M	-638.58M	-344.39M	-210.06M	-20.78M	-182K
Other Financing	-55.82M	-54.06M	-37.88M	-41.78M	-82.63M	-161.97M	-62.93M	52.99M	-12.03M	-12.46M
Net Change in Cash+	-26.01M	-119.01M	-119.94M	29.09M	-37.68M	131.37M	-35.81M	47.07M	-48.53M	-3.88M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	281.41M	255.4M	369.97M	250.03M	279.11M	241.43M	372.8M	336.98M	384.05M	335.52M
Cash at End	255.4M	369.97M	250.03M	279.11M	241.43M	372.8M	336.98M	384.05M	335.52M	331.64M
Free Cash Flow+	526.48M	644.01M	543M	441.54M	376.47M	554.24M	255.98M	117.06M	229.5M	79.2M
FCF Growth %	0.07%	0.22%	-0.16%	-0.19%	-0.15%	0.47%	-0.54%	-0.54%	0.96%	-0.65%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	6.79	8.93	5.07	6.2	6.76	9.52	9.76	2.04	-4.56	3.66
FFO Payout Ratio	38.74%	35.56%	67.52%	58.42%	55.33%	42.39%	40.47%	188.83%	-74.51%	90.92%
NOI Margin	66.16%	66.64%	62.77%	63.11%	61.92%	58.75%	54.62%	50.27%	44.81%	35.75%
Net Debt / EBITDA	7.25x	3.65x	4.64x	5.66x	6.29x	6.24x	8.46x	11.48x	8.45x	11.50x
Debt / Assets	52.3%	41.14%	42.17%	43.8%	46.48%	46.3%	44.92%	52.7%	46.42%	43.21%
Interest Coverage	3.10x	3.36x	3.33x	3.26x	3.31x	4.31x	4.78x	3.79x	1.82x	1.01x
Book Value / Share	86.16	86.23	75.43	76.78	75.86	75.47	77.45	75	62.68	69.34
Revenue Growth	11.12%	6.33%	-13.95%	-19.48%	-2.45%	-14.69%	-21.57%	6.9%	-2.82%	-15.6%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Real Estate	1.48B	1.63B	1.32B	1.03B	1.04B	932.58M	763.65M	745.63M	760.75M	709.73M
Real Estate Growth	-	10.00%	-19.16%	-22.14%	1.71%	-10.62%	-18.11%	-2.36%	2.03%	-6.71%
Debt And Preferred Equity	-	-	-	-	-	-	-	-	34.7M	43.33M
Debt And Preferred Equity Growth	-	-	-	-	-	-	-	-	-	24.86%
Structured Finance	181.13M	234.06M	193.87M	201.49M	195.59M	120.16M	80.34M	81.11M	-	-
Structured Finance Growth	-	29.22%	-17.17%	3.93%	-2.93%	-38.56%	-33.14%	0.96%	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Greenwich Street 388-390	-	172.4M	-	-	-	-	-	-	-	-
Greenwich Street 388-390 Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

SL Green Realty Corp. (SLG) reported $671.1M in revenue for fiscal year 2024. This represents a 47% decrease from $1.26B in 2011.

SL Green Realty Corp. (SLG) saw revenue decline by 15.6% over the past year.

Yes, SL Green Realty Corp. (SLG) is profitable, generating $25.6M in net income for fiscal year 2024 (4.3% net margin).

Dividend & Returns

Yes, SL Green Realty Corp. (SLG) pays a dividend with a yield of 6.85%. This makes it attractive for income-focused investors.

SL Green Realty Corp. (SLG) has a return on equity (ROE) of 0.7%. This is below average, suggesting room for improvement.

Industry Metrics

SL Green Realty Corp. (SLG) generated Funds From Operations (FFO) of $270.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

SL Green Realty Corp. (SLG) offers a 6.85% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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