Dividend sustainability is increasingly precarious, as evidenced by a 2025Q1 dividend payout ratio relative to AFFO of 1.18, indicating distributions currently exceed true free cash flow generation.
| 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 |
|---|
| Cash from Operations | 111.95M | 82.91M | 291.07M | 229.5M | 417.83M | 255.98M | 554.24M | 376.47M | 441.54M | 543M | 644.01M | 526.48M | 490.38M | 386.2M | 353.74M | 312.86M | 321.06M | 275.21M | 384.55M | 406.7M | 225.64M | 138.4M | 116.26M | 78.25M | 107.39M | 80.59M | 53.81M | 48.01M | 22.66M | 8.55M |
| Operating CF Growth % | -277.87% | -71.52% | 26.83% | -45.07% | 63.23% | -53.81% | 47.22% | -14.74% | -18.69% | -15.68% | 22.32% | 7.36% | 26.97% | 9.18% | 13.07% | -2.55% | 16.66% | -28.43% | -5.45% | 80.24% | 63.04% | 19.04% | 48.58% | -27.14% | 33.26% | 49.78% | 12.07% | 111.84% | 165.06% | - |
| Operating CF / Revenue % | 11.27% | 8.27% | 41.19% | 27.41% | 48.5% | 31.76% | 53.94% | 31.26% | 35.76% | 35.41% | 36.14% | 31.42% | 32.51% | 28.05% | 25.96% | 24.76% | 29.61% | 27.23% | 34.43% | 38.57% | 40.86% | 37.54% | 33.31% | 35.64% | 54.52% | 37.35% | 23.36% | 23.31% | 16.55% | 25.97% |
| Net Income | -151.54M | -88.28M | 28.75M | -599.34M | -73.85M | 457.06M | 378.03M | 291.49M | 270.86M | 112.78M | 278.91M | 317.46M | 545.86M | 151.28M | 209.7M | 677.12M | 319.16M | 71.66M | 76.7M | 178.66M | 126.74M | 121.52M | 209.43M | 75.31M | 74.33M | 63M | 86.22M | 42.86M | 29.45M | 27.24M |
| Depreciation & Amortization | 262.69M | 255.71M | 207.44M | 255.65M | 216.17M | 228.29M | 325.46M | 284.01M | 289.9M | 419.82M | 845.61M | 588.24M | 400M | 357.6M | 351.54M | 292.31M | 240.44M | 235.2M | 229.51M | 204.83M | 79.51M | 65.11M | 59.26M | 47.28M | 39.06M | 38.34M | 32.51M | 27.26M | 15.4M | 3.63M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 29.43M | 1.67M | 187.4M | 570.24M | 315.87M | -308.96M | -228.06M | -86.32M | -89.43M | 46.38M | -384.9M | -356.61M | -411.89M | -72.59M | -104.31M | -635.54M | -202.6M | 14.05M | 156.98M | -29.38M | 35.23M | -16.25M | -199.21M | -10.74M | -16.75M | -9.39M | -50.21M | -19.51M | -6.76M | -23.4M |
| Working Capital Changes | -28.49M | -86.2M | -132.52M | 2.95M | -40.36M | -120.42M | 78.8M | -112.71M | -29.79M | -35.97M | -95.6M | -22.61M | -43.6M | -50.09M | -103.19M | -21.03M | -35.94M | -45.7M | -78.64M | 52.6M | -15.84M | -31.98M | 39.47M | -29.81M | 12.17M | -9.73M | -14.71M | -2.6M | -15.43M | 1.09M |
| Cash from Investing | -188.97M | -330.8M | -43.43M | 171.34M | 306.41M | 993.58M | 1.06B | 114.49M | 681.66M | -18.85M | 1.97B | -2.27B | -796.84M | -628.43M | -1.16B | -739.6M | 18.82M | -345.38M | 396.22M | -2.33B | -786.91M | -465.67M | -220.85M | -491.37M | -57.78M | -420.06M | -38.7M | -228.68M | -376.59M | -222.72M |
| Acquisitions (Net) | -152.45M | 0 | 18.31M | 0 | 82.84M | 0 | -70.31M | -128.68M | 5.46M | 0 | -84.46M | -161.71M | -382.01M | 0 | -215.17M | 0 | 0 | 0 | 412.46M | 0 | 0 | -435.74M | -388.16M | -81.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -143.38M | 0 | -619.34M | -82.69M | -300.38M | 0 | 0 | -615.71M | 0 | -1.13B | -43.34M | -780.51M | -638.9M | -609.79M | -688.64M | -435.93M | -238.25M | -252.1M | 0 | -920M | -166.89M | -127.74M | -79.83M | -387.43M | -94.37M | -30.72M | -51.94M | -24.69M | -10.9M | 0 |
| Sale of Investments | 709.05M | -10.23M | 792.52M | 0 | 824.72M | 0 | 795.73M | 1.09B | 703.04M | 0 | 919.19M | 1.43M | 585.17M | 2.37M | -4.94M | 0 | 0 | 0 | 0 | 0 | 0 | 59.67M | 193.14M | 0 | 0 | 26.91M | 25.55M | 0 | 0 | 0 |
| Other Investing | -540.37M | -320.57M | -23.05M | 254.04M | 0 | 993.58M | 789.15M | -233.49M | -26.84M | 1.11B | 1.18B | -1.33B | -361.1M | -21.01M | -254.65M | 302.19M | 635.83M | 13.76M | 183.88M | 2.87B | 5.12M | 522.59M | 85.28M | 81.02M | 68.72M | 1.54M | 43.16M | 19.25M | -8.45M | 1.85M |
| Cash from Financing | 76.49M | 252.75M | -251.52M | -449.38M | -677.17M | -1.29B | -1.48B | -528.65M | -1.09B | -684.96M | -2.74B | 1.71B | 381.17M | 258.94M | 868.44M | 232.1M | -350.76M | -313.01M | -99.85M | 1.86B | 654.34M | 315.58M | 101.84M | 393.64M | -4.79M | 341.87M | -25.88M | 195.99M | 347.38M | 227.02M |
| Dividends Paid | -182.44M | -242.63M | -218.82M | -230.93M | -262.14M | -271.07M | -294M | -306.39M | -313.23M | -333.54M | -314.08M | -257.38M | -206.97M | -148.41M | -121.24M | -63.87M | -58.98M | -78.32M | -203.13M | -188.28M | -118.15M | -94.74M | -85.24M | -70.87M | -66.59M | -53.06M | -47.94M | -46.39M | -32.14M | -2.35M |
| Common Dividends | -182.44M | -242.63M | -218.82M | -230.93M | -262.14M | -271.07M | -294M | -306.39M | -313.23M | -333.54M | -314.08M | -257.38M | -206.97M | -148.41M | -121.24M | -63.87M | -58.98M | -78.32M | -203.13M | -188.28M | -118.15M | -94.74M | -85.24M | -70.87M | -66.59M | -53.06M | -47.94M | -46.39M | -32.14M | -2.35M |
| Debt Issuance (Net) | 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 | -1000K |
| Share Repurchases | 11.98M | -13.9M | -182K | -20.78M | -210.06M | -344.39M | -638.58M | -387.89M | -980.75M | -806.58M | -3.3M | -200K | -2M | -192.53M | -214.16M | -5.49M | -13.01M | 0 | -151.99M | -150.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 123.38M | 129.94M | -12.46M | -12.03M | 52.99M | -62.93M | -161.97M | -82.63M | -41.78M | -37.88M | -54.06M | -55.82M | -16.04M | -13.68M | 63.57M | -98.24M | -9.69M | -21.17M | -21.39M | 513.32M | -753.88M | -5.74M | -2.46M | 148.22M | 272.58M | -5.05M | -7.6M | -6.95M | -5.57M | 49.7M |
| Net Change in Cash | -533K | 4.86M | -3.88M | -48.53M | 47.07M | -35.81M | 131.37M | -37.68M | 29.09M | -119.94M | -119.01M | -26.01M | 74.72M | 16.71M | 51.79M | -194.64M | -10.88M | -383.17M | 680.92M | -71.21M | 93.07M | -11.69M | -2.75M | -19.47M | 44.83M | 2.4M | -10.77M | 15.32M | -6.55M | 12.31M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | -537K |
| Cash at Beginning | 0 | 331.64M | 335.52M | 384.05M | 336.98M | 372.8M | 241.43M | 279.11M | 250.03M | 369.97M | 255.4M | 281.41M | 206.69M | 189.98M | 138.19M | 332.83M | 343.71M | 726.89M | 45.96M | 117.18M | 24.1M | 35.8M | 38.55M | 58.02M | 13.19M | 10.79M | 21.56M | 6.24M | 12.78M | 476K |
| Cash at End | 0 | 336.5M | 331.64M | 335.52M | 384.05M | 336.98M | 372.8M | 241.43M | 279.11M | 250.03M | 369.97M | 255.4M | 281.41M | 206.69M | 189.98M | 138.19M | 332.83M | 343.71M | 726.89M | 45.96M | 117.18M | 24.1M | 35.8M | 38.55M | 58.02M | 13.19M | 10.79M | 21.56M | 6.24M | 12.78M |
| Free Cash Flow | 50.13M | 82.91M | 79.2M | 229.5M | 117.06M | 255.98M | 554.24M | 376.47M | 441.54M | 543M | 644.01M | 526.48M | 490.38M | 386.2M | 346.75M | -293M | -57.7M | 168.18M | 184.43M | -3.88B | -399.5M | -346.06M | 84.97M | -25.5M | 75.27M | -337.2M | -1.67M | -175.23M | -334.58M | -216.03M |
| FCF Growth % | -68.86% | 4.68% | -65.49% | 96.06% | -54.27% | -53.81% | 47.22% | -14.74% | -18.69% | -15.68% | 22.32% | 7.36% | 26.97% | 11.38% | 218.35% | -407.78% | -134.31% | -8.81% | 104.76% | -870.06% | -15.44% | -507.27% | 433.26% | -133.87% | 122.32% | -20103.6% | 99.05% | 47.63% | -54.88% | - |
| FCF / Revenue % | 5.05% | 8.27% | 11.21% | 27.41% | 13.59% | 31.76% | 53.94% | 31.26% | 35.76% | 35.41% | 36.14% | 31.42% | 32.51% | 28.05% | 25.44% | -23.19% | -5.32% | 16.64% | 16.51% | -367.5% | -72.34% | -93.86% | 24.35% | -11.61% | 38.22% | -156.28% | -0.72% | -85.05% | -244.27% | -655.99% |
Manhattan office demand volatility
As reported in recent financial statements, SL Green’s FFO frequently decouples from GAAP operating cash flow, with the 2025Q2 period showing a massive $90.2M in operating cash against $56.5M in FFO, suggesting that non-cash adjustments and working capital timing significantly distort the company's reported earnings quality.
The wide variance between GAAP operating cash flow and FFO suggests that investors should be cautious when relying on headline FFO as a proxy for liquidity. This volatility appears to stem from the company's complex DPE platform and the lumpy nature of interest income recognition, which may not always align with actual cash receipts.
Based on the provided quarterly data, the dividend payout ratio relative to AFFO reached 1.18 in 2025Q1, indicating that the company is currently paying out more in distributions than it generates in true free cash flow, which warrants significant concern regarding the long-term sustainability of the current dividend policy.
The inability to consistently cover the dividend with AFFO suggests that the company may be relying on asset sales or debt financing to maintain its payout. Investors should monitor whether management chooses to prioritize capital preservation over dividend continuity as the Manhattan office market continues to face structural headwinds.
According to the company's reported figures, significant capital outlays such as the $61.8M spent in 2025Q2 highlight the intense pressure to fund tenant improvements and leasing commissions, which are essential to maintaining occupancy in a competitive Manhattan office environment where older assets require constant, costly modernization efforts.
These recurring capital requirements act as a persistent drag on distributable cash flow, effectively reducing the amount of capital available for debt reduction or reinvestment. The high cost of these improvements suggests that the company's net effective rents may be lower than headline figures imply, as significant portions of cash flow are immediately recycled back into the portfolio.
As indicated by the persistent gap between negative net income and positive FFO, such as the $94.0M FFO reported in 2025Q3 against a $30.8M net income, depreciation and amortization charges are significantly distorting the company's GAAP profitability, masking the true cash-generating capacity of the underlying Manhattan office assets.
While FFO is intended to normalize these non-cash charges, the frequency of negative net income suggests that the portfolio's book value may be subject to ongoing impairment risks. Analysts should interpret these figures as a sign that the company's accounting earnings are not reflective of the actual cash flow available to stakeholders.
Quick answers to the most common questions about buying SLG stock.
SL Green Realty Corp. (SLG) generated $82.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SL Green Realty Corp. (SLG) generated $82.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SL Green Realty Corp. (SLG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SL Green Realty Corp. (SLG) returned $242.6M to shareholders via cash dividends and spent $13.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.