The company's financial position appears strained, characterized by a debt-to-equity ratio that spiked to 1.83 in 2025Q4 and a decline in cash reserves to $169.2M by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Total Assets | 11.76B | 11.08B | 10.47B | 9.53B | 12.36B | 11.07B | 11.71B | 12.77B | 12.75B | 13.98B | 15.86B | 19.73B | 17.1B | 14.96B | 14.39B | 13.48B | 11.3B | 10.49B | 10.98B | 11.43B | 4.63B | 3.31B | 2.75B | 2.26B | 1.47B | 1.37B | 1.16B | 1.07B | 777.8M | 382.77M |
| Asset Growth % | 35.83% | 5.85% | 9.85% | -22.86% | 11.65% | -5.47% | -8.29% | 0.12% | -8.81% | -11.82% | -19.62% | 15.39% | 14.29% | 3.97% | 6.7% | 19.32% | 7.75% | -4.52% | -3.9% | 146.75% | 39.96% | 20.27% | 21.67% | 53.54% | 7.41% | 18.12% | 8.39% | 37.73% | 103.2% | - |
| Real Estate & Other Assets | -9.26B | 541.32M | 5.02B | 510.76M | 7.55B | 6.15B | 5.96B | 7.13B | 6.78B | 8.34B | 11.08B | 15.31B | 12.86B | 11.3B | 10.8B | 948.69M | 991.96M | 429.89M | 908.37M | -1.41B | 0 | -2.95B | 152.55M | 950.73M | 453.34M | 405.93M | 325.4M | 166.22M | 107.9M | 54.24M |
| PP&E (Net) | 909.38M | 864.43M | 865.64M | 5.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.01B | 7.97B | 7.52B | 7.66B | 8.24B | 2.78B | 2B | 1.58B | 1.19B | 890.64M | 883.6M | 817.38M | 877.72M | 659.71M | 315.02M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Total Current Assets | 431.93M | 680.89M | 1.38B | 655.2M | 715.03M | 837.93M | 783.32M | 1.01B | 713.36M | 1.12B | 966.88M | 1.14B | 1.38B | 836.22M | 749.21M | 644.74M | 739.22M | 696.02M | 765.45M | 2.35B | 1.39B | 130.83M | 112.34M | 121.45M | 125.21M | 73.84M | 18.37M | 27.31M | 10.19M | 13.52M |
| Cash & Equivalents | 143.87M | 336.5M | 184.29M | 221.82M | 203.27M | 251.42M | 266.06M | 166.07M | 129.47M | 127.89M | 279.44M | 255.4M | 281.41M | 206.69M | 189.98M | 138.19M | 332.83M | 343.71M | 726.89M | 45.96M | 117.18M | 0 | 35.8M | 38.55M | 58.02M | 13.19M | 10.79M | 21.56M | 6.24M | 12.78M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 738K |
| Other Current Assets | 0 | 0 | 124.53M | 113.7M | 180.78M | 226.42M | 106.74M | 467.02M | 149.64M | 460.49M | 90.52M | 268.56M | 611.61M | 142.05M | 140.97M | 163.15M | 338.99M | 262.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 141.09M | 181.07M | 4.78M | 213.49M | 17.08M | 25.15M | 26.98M | 25.5M | 48.84M | 240.17M | 535.77M | 281.06M | 403.37M | 462.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 7.4B | 6.73B | 5.92B | 5.27B | 7.26B | 5.75B | 6.21B | 6.56B | 6.12B | 6.63B | 7.33B | 11.3B | 9.1B | 7.63B | 7.22B | 6.83B | 5.82B | 5.49B | 6.45B | 6.89B | 2.11B | 1.75B | 1.33B | 1.26B | 801.81M | 712.24M | 662.75M | 623.64M | 331.48M | 172.66M |
| Total Debt | 959.66M | 7.97B | 4.52B | 4.42B | 6.51B | 4.97B | 5.42B | 5.93B | 5.59B | 5.9B | 6.52B | 10.32B | 8.2B | 6.97B | 6.56B | 5.95B | 5.27B | 4.91B | 5.63B | 5.64B | 1.73B | 1.56B | 1.17B | 1.14B | 557.37M | 520.4M | 476.02M | 564.31M | 200.7M | 143.31M |
| Net Debt | 815.79M | 7.63B | 4.34B | 4.2B | 6.31B | 4.72B | 5.15B | 5.77B | 5.46B | 5.77B | 6.24B | 10.06B | 7.92B | 6.76B | 6.37B | 5.81B | 4.94B | 4.57B | 4.91B | 5.59B | 1.61B | 1.56B | 1.13B | 1.1B | 499.35M | 507.21M | 465.23M | 542.75M | 194.47M | 130.53M |
| Long-Term Debt | 3.41B | 4.22B | 3.29B | 2.94B | 5.07B | 3.64B | 4.82B | 5.27B | 5.05B | 5.86B | 6.48B | 10.28B | 7.79B | 6.56B | 6.17B | 5.69B | 4.6B | 3.52B | 4.23B | 5.42B | 1.72B | 1.54B | 1.15B | 1.12B | 541.5M | 504.83M | 460.72M | 435.69M | 74.66M | 128.82M |
| Short-Term Borrowings | 959.66M | 658.42M | 316.24M | 554.75M | 443.22M | 381.33M | 105.26M | 234.01M | 0 | 0 | 0 | 985.05M | 385M | 237.27M | 70M | 120.98M | 650M | 144.83M | 1.39B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 113.6M | 111.3M | 0 |
| Capital Lease Obligations | 10.3B | 3.1B | 917.84M | 933.22M | 999.32M | 954.28M | 491.98M | 420.13M | 113.31M | 42.84M | 42.13M | 41.36M | 1.18B | 47.67M | 38.98M | 787.79M | 17.04M | 3.13B | 16.7M | 16.54M | 16.39M | 16.26M | 16.44M | 16.17M | 15.86M | 15.57M | 15.3M | 15.02M | 14.74M | 14.49M |
| Total Current Liabilities | 1.13B | 658.42M | 642.14M | 880.18M | 906.13M | 919.04M | 544M | 616.4M | 254.25M | 506.19M | 534.44M | 1.73B | 2.29B | 818.21M | 684M | 1.63B | 1.16B | 3.77B | 1.39B | 889.4M | 138.18M | 126.2M | 76.79M | 65.98M | 75.06M | 55.35M | 53M | 156.97M | 111.86M | 967K |
| Accounts Payable | 0 | 0 | 122.67M | 153.16M | 154.87M | 157.57M | 151.31M | 166.91M | 147.06M | 137.14M | 190.58M | 196.21M | 173.25M | 145.89M | 159.6M | 142.43M | 133.39M | 79.24M | 0 | 135.7M | 128.17M | 118.49M | 72.3M | 62.48M | 73.26M | 53.48M | 50.65M | 40.67M | 63K | 367K |
| Deferred Revenue | 168.98M | 113.08M | 164.89M | 134.05M | 272.25M | 107.28M | 118.57M | 114.05M | 94.45M | 208.12M | 217.96M | 399.1M | 187.15M | 263.26M | 313M | 357.19M | 307.68M | 349.67M | 427.94M | 835.98M | 43.72M | 25.69M | 0 | 8.53M | 3.1M | 1.38M | 1.11M | 306K | 0 | 0 |
| Other Liabilities | 692.96M | -1.35B | 1.06B | 521.31M | 286.68M | 247.7M | 356.63M | 239.33M | 531.78M | -69.08M | 54.79M | -748.55M | 66.76M | -64.81M | 312.95M | -309.27M | 56.96M | 420.99M | 388.86M | -271.88M | 195.78M | 40.87M | 85.33M | 46.14M | 166.28M | 135.1M | 21.85M | 15.65M | 130.21M | 28.38M |
| Total Equity | 4.36B | 4.35B | 4.55B | 4.26B | 5.09B | 5.32B | 5.5B | 6.21B | 6.64B | 7.35B | 8.53B | 8.43B | 8B | 7.28B | 7.17B | 6.65B | 5.4B | 4.91B | 4.53B | 4.54B | 2.52B | 1.56B | 1.42B | 1.01B | 671.36M | 659.34M | 498.4M | 447.6M | 446.32M | 210.11M |
| Equity Growth % | 5.84% | -4.43% | 6.91% | -16.38% | -4.21% | -3.23% | -11.5% | -6.42% | -9.75% | -13.76% | 1.2% | 5.33% | 9.85% | 1.57% | 7.84% | 23.17% | 9.86% | 8.35% | -0.15% | 80.01% | 61.87% | 9.53% | 41.51% | 49.78% | 1.82% | 32.29% | 11.35% | 0.29% | 112.42% | - |
| Shareholders Equity | 3.74B | 3.87B | 3.95B | 3.79B | 4.76B | 4.76B | 4.91B | 5.44B | 5.9B | 6.23B | 7.32B | 7.29B | 6.94B | 6.53B | 6.47B | 5.98B | 4.88B | 4.39B | 3.91B | 3.83B | 2.39B | 1.46B | 1.35B | 950.78M | 626.64M | 612.91M | 455.07M | 406.1M | 404.83M | 176.21M |
| Minority Interest | 620.89M | 482.66M | 603.66M | 474.16M | 331.88M | 553.7M | 586.46M | 769.03M | 734.57M | 1.13B | 1.2B | 1.14B | 1.06B | 756.95M | 700.21M | 672.79M | 518.46M | 524.69M | 622.74M | 714.41M | 127.89M | 99.06M | 75.06M | 54.79M | 44.72M | 46.43M | 43.33M | 41.49M | 41.49M | 33.91M |
| Common Stock | 711K | 711K | 711K | 660K | 656K | 672K | 716K | 803K | 847K | 939K | 0 | 1M | 1.01M | 986K | 950K | 892K | 817K | 809K | 604K | 601K | 498K | 425K | 409K | 360K | 304K | 300K | 246K | 242K | 240K | 123K |
| Additional Paid-in Capital | 4.21B | 4.21B | 4.16B | 3.83B | 3.79B | 3.74B | 3.86B | 4.29B | 4.51B | 4.97B | 5.62B | 5.44B | 5.29B | 5.02B | 4.67B | 4.24B | 3.66B | 3.53B | 2.99B | 2.92B | 1.81B | 950.66M | 917.61M | 728.88M | 592.59M | 583.35M | 428.7M | 421.96M | 416.94M | 178.67M |
| Retained Earnings | -892.89M | -741.88M | -449.1M | -151.55M | 651.14M | 975.78M | 1.02B | 1.08B | 1.28B | 1.14B | 1.58B | 1.64B | 1.61B | 1.62B | 1.7B | 1.7B | 1.17B | 949.67M | 1.02B | 791.86M | 322.22M | 235.54M | 191.18M | 78.97M | 50.06M | 39.68M | 31.17M | -9.42M | -8.56M | -2.58M |
| Preferred Stock | 426.25M | 421.2M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 221.93M | 271.48M | 451.86M | 370.34M | 370.34M | 248.3M | 151.98M | 151.98M | 248.3M | 248.3M | 248.3M | 151.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.34% | -0.82% | 0.31% | -4.97% | -0.61% | 4.01% | 3.1% | 2.21% | 1.93% | 0.76% | 1.47% | 1.58% | 3.25% | 0.94% | 0.84% | 4.85% | 2.76% | 0.54% | 3.4% | 8.22% | 5.56% | 5.19% | 8.35% | 5.26% | 5.23% | 4.97% | 7.72% | 4.64% | 5.08% | 7.12% |
| Return on Equity (ROE) | -3.47% | -1.98% | 0.7% | -11.62% | -1.38% | 8.45% | 6.49% | 4.38% | 3.7% | 1.42% | 3.08% | 3.54% | 6.82% | 1.9% | 1.7% | 9.98% | 5.83% | 1.22% | 8.39% | 18.7% | 10.82% | 10.56% | 17.25% | 11.71% | 11.17% | 10.88% | 18.23% | 9.59% | 8.97% | 12.96% |
| Debt / Assets | 8.16% | 71.93% | 43.21% | 46.42% | 52.7% | 44.92% | 46.3% | 46.48% | 43.8% | 42.17% | 41.14% | 52.3% | 47.96% | 46.58% | 45.58% | 44.15% | 46.62% | 46.81% | 51.28% | 49.34% | 37.39% | 47.09% | 42.4% | 50.21% | 37.83% | 37.94% | 41% | 52.68% | 25.8% | 37.44% |
| Debt / Equity | 0.22x | 1.83x | 0.99x | 1.04x | 1.28x | 0.93x | 0.99x | 0.96x | 0.84x | 0.80x | 0.77x | 1.22x | 1.02x | 0.96x | 0.91x | 0.90x | 0.98x | 1.00x | 1.24x | 1.24x | 0.69x | 1.00x | 0.82x | 1.13x | 0.83x | 0.79x | 0.96x | 1.26x | 0.45x | 0.68x |
| Net Debt / EBITDA | 1.21x | 18.63x | 11.50x | 8.45x | 11.48x | 8.46x | 6.24x | 6.29x | 5.66x | 4.64x | 3.65x | 7.25x | 6.47x | 6.29x | 8.36x | 5.84x | 14.04x | 28.63x | 6.80x | 9.61x | 6.60x | 8.39x | 6.47x | 9.21x | 4.46x | 4.08x | 3.79x | 5.23x | 3.18x | 8.27x |
| Book Value per Share | 60.35 | 56.89 | 64.82 | 61.72 | 73.78 | 75.15 | 71.16 | 73.84 | 71.70 | 76.18 | 87.27 | 87.00 | 85.59 | 79.48 | 82.31 | 81.21 | 70.82 | 70.19 | 77.01 | 75.52 | 53.54 | 35.25 | 34.00 | 26.56 | 18.29 | 22.76 | 16.12 | 17.27 | 20.74 | 17.59 |
Manhattan office demand volatility
As reported in recent financial statements, SL Green’s total debt reached $959.7M in 2026Q1, though the volatility in reported debt-to-equity ratios, which spiked to 1.83 in 2025Q4, suggests that the company's reliance on floating-rate financing and potential refinancing needs may be creating significant balance sheet instability.
The fluctuation in debt levels indicates a reliance on opportunistic capital recycling rather than a stable, long-term debt maturity ladder. Investors should monitor whether the company's exposure to floating-rate debt will necessitate further asset sales to manage interest coverage in a high-rate environment.
Based on the provided quarterly data, the company's total assets of $11.8B as of 2026Q1 remain heavily concentrated in the Manhattan office market, which appears to be undergoing a period of significant valuation adjustment as evidenced by the persistent negative net income and FFO volatility.
The high concentration in a single geographic market limits the company's ability to diversify away from local regulatory and economic headwinds. The discrepancy between asset values and current income generation suggests that the portfolio may be susceptible to further impairment charges if leasing velocity does not improve.
According to the company's reported figures, cash reserves dropped to $169.2M in 2026Q1, down from $336.5M in 2025Q4, which may indicate that the company is consuming liquidity to fund ongoing operations and debt service in the face of negative FFO performance.
The rapid depletion of cash reserves warrants further investigation into the company's ability to fund necessary tenant improvements and capital expenditures without resorting to dilutive equity issuance. The current liquidity position appears insufficient to support a sustained period of negative cash flow generation.
As indicated by the anomalous debt-to-equity figures, there is a strong possibility that significant liabilities are held within unconsolidated joint ventures, which may be masking the true extent of the company's leverage and financial risk profile from standard balance sheet analysis.
The use of unconsolidated joint ventures to hold major assets suggests that the reported debt levels may significantly understate the actual financial burden on the firm. This structure complicates the assessment of true leverage and may hide potential recourse obligations that could impact the company's solvency.
Quick answers to the most common questions about buying SLG stock.
As of 2025, SL Green Realty Corp. (SLG) had total assets of $11.08B including $680.9M in current assets.
SL Green Realty Corp. (SLG) carries total debt of $7.97B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SL Green Realty Corp. (SLG) has total shareholders' equity (book value) of $3.87B ($56.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SL Green Realty Corp. (SLG) reported a current ratio of 1.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.