Revenue performance remains highly erratic, with a 41.96% TTM growth figure masking underlying instability and NOI margins that compressed to a low of 35.7% in 2025Q4.
| 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 |
|---|
| Revenue | 993.5M | 1B | 706.58M | 837.2M | 861.5M | 805.91M | 1.03B | 1.2B | 1.23B | 1.53B | 1.78B | 1.68B | 1.51B | 1.38B | 1.36B | 1.26B | 1.08B | 1.01B | 1.12B | 1.05B | 552.28M | 368.68M | 348.99M | 219.54M | 196.97M | 215.76M | 230.32M | 206.02M | 136.97M | 32.93M |
| Revenue Growth % | 53.19% | 41.96% | -15.6% | -2.82% | 6.9% | -21.57% | -14.69% | -2.45% | -19.48% | -13.95% | 6.33% | 11.12% | 9.54% | 1.03% | 7.86% | 16.51% | 7.29% | -9.51% | 5.91% | 90.94% | 49.8% | 5.64% | 58.96% | 11.46% | -8.71% | -6.32% | 11.8% | 50.41% | 315.94% | - |
| Property Operating Expenses | 330.69M | 661.26M | 453.95M | 462.07M | 428.44M | 365.69M | 423.86M | 458.63M | 455.5M | 570.92M | 594.51M | 567.16M | 532.43M | 511.62M | 502.31M | 464.01M | 401.71M | 496.42M | 478.83M | 32.39M | 20.15M | 19.6M | 16.18M | 13.56M | 12.64M | 12.58M | 12.66M | 12.75M | 11.08M | 0 |
| Net Operating Income (NOI) | 662.81M | 341.79M | 252.63M | 375.13M | 433.06M | 440.22M | 603.69M | 745.85M | 779.2M | 962.45M | 1.19B | 1.11B | 975.76M | 865.17M | 860.46M | 799.42M | 682.67M | 514.24M | 638.03M | 1.02B | 532.13M | 349.09M | 332.81M | 205.98M | 184.33M | 203.18M | 217.66M | 193.26M | 125.89M | 32.93M |
| NOI Margin % | 66.71% | 34.08% | 35.75% | 44.81% | 50.27% | 54.62% | 58.75% | 61.92% | 63.11% | 62.77% | 66.64% | 66.16% | 64.7% | 62.84% | 63.14% | 63.27% | 62.95% | 50.88% | 57.13% | 96.93% | 96.35% | 94.68% | 95.36% | 93.82% | 93.58% | 94.17% | 94.5% | 93.81% | 91.91% | 100% |
| Operating Expenses | 292.05M | 187.78M | 85.19M | 111.39M | 93.8M | 94.91M | 91.83M | 100.88M | 92.63M | 100.5M | 99.76M | 94.87M | 92.49M | 86.19M | 361.39M | 122.82M | 571.54M | 565.93M | 648.25M | 644.89M | 309.14M | 228.89M | 171.67M | 134.87M | 111.77M | 120.25M | 127.57M | 116.79M | 80.17M | 20.77M |
| G&A Expenses | 153.13M | 187.78M | 85.19M | 111.39M | 93.8M | 94.91M | 91.83M | 100.88M | 92.63M | 100.5M | 99.76M | 94.87M | 92.49M | 86.19M | 82.84M | 118.58M | 119.01M | 105.82M | 136.08M | 137.43M | 65.74M | 44.22M | 30.28M | 17.13M | 13.28M | 15.37M | 11.56M | 10.92M | 5.76M | 3.14M |
| EBITDA | 675.14M | 409.72M | 377.46M | 497.33M | 549.71M | 558.11M | 825.53M | 917.33M | 964.06M | 1.24B | 1.71B | 1.39B | 1.22B | 1.07B | 761.3M | 994.76M | 351.58M | 159.46M | 721.27M | 582.07M | 244.76M | 185.65M | 174.94M | 119.06M | 111.97M | 124.4M | 122.61M | 103.73M | 61.12M | 15.79M |
| EBITDA Margin % | 67.96% | 40.85% | 53.42% | 59.4% | 63.81% | 69.25% | 80.34% | 76.16% | 78.08% | 81.07% | 95.95% | 82.77% | 81.1% | 78.08% | 55.86% | 78.73% | 32.42% | 15.78% | 64.58% | 55.2% | 44.32% | 50.35% | 50.13% | 54.23% | 56.85% | 57.66% | 53.23% | 50.35% | 44.62% | 47.95% |
| Depreciation & Amortization | 262.47M | 255.71M | 210.02M | 233.59M | 210.45M | 212.81M | 313.67M | 272.36M | 277.49M | 381.2M | 622.04M | 373.29M | 339.91M | 295.96M | 293.94M | 292.31M | 240.44M | 235.2M | 229.51M | 204.83M | 80.23M | 65.11M | 59.47M | 47.28M | 39.06M | 41.47M | 32.51M | 27.26M | 15.4M | 3.63M |
| D&A / Revenue % | 26.42% | 25.49% | 29.72% | 27.9% | 24.43% | 26.41% | 30.53% | 22.61% | 22.47% | 24.86% | 34.91% | 22.27% | 22.54% | 21.5% | 21.57% | 23.14% | 22.17% | 23.27% | 20.55% | 19.42% | 14.53% | 17.66% | 17.04% | 21.54% | 19.83% | 19.22% | 14.12% | 13.23% | 11.25% | 11.01% |
| Operating Income | 412.67M | 154.01M | 167.44M | 263.75M | 339.26M | 345.3M | 511.87M | 644.97M | 686.57M | 861.95M | 1.09B | 1.01B | 883.27M | 778.98M | 467.36M | 702.45M | 111.13M | -75.74M | 491.76M | 377.24M | 164.53M | 120.54M | 115.48M | 71.78M | 72.91M | 82.93M | 90.1M | 76.47M | 45.72M | 12.17M |
| Operating Margin % | 41.54% | 15.35% | 23.7% | 31.5% | 39.38% | 42.85% | 49.81% | 53.55% | 55.61% | 56.21% | 61.04% | 60.5% | 58.56% | 56.58% | 34.29% | 55.6% | 10.25% | -7.49% | 44.03% | 35.77% | 29.79% | 32.69% | 33.09% | 32.7% | 37.01% | 38.44% | 39.12% | 37.12% | 33.38% | 36.94% |
| Interest Expense | 4M | 255.4M | 165.32M | 144.95M | 89.47M | 72.28M | 118.86M | 194.65M | 210.63M | 258.63M | 324M | 326.82M | 319.9M | 330.21M | 332.19M | 287.25M | 233.65M | 236.96M | 299.7M | 251.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.62x | -0.25x | 0.05x | 1.35x | 1.76x | 1.67x | 1.91x | 1.93x | 1.77x | 1.11x | 1.83x | 1.71x | 1.40x | 1.41x | 3.17x | 2.18x | 1.30x | 1.15x | 1.42x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 262.03M | -4.48M | 208.17M | 257.01M | 218.81M | 217.97M | 313.67M | 272.36M | 279.51M | 403.32M | 727.04M | 414.29M | 335.59M | 315.56M | 0 | -207.28M | -398.27M | -383.89M | 147.09M | 19.6M | 0 | 0 | 26.28M | 0 | 0 | 4.96M | -193.23M | 0 | 0 | 0 |
| Pretax Income | -163.06M | -96.92M | 30.22M | -585.56M | -76.3M | 480.63M | 414.76M | 291.49M | 270.86M | 101.07M | 278.91M | 302.91M | 363.73M | 110.7M | 170.83M | 622.48M | 276.61M | 71.19M | 44.97M | 158.93M | 130.19M | 112.11M | 95.66M | 98.16M | 71.49M | 63M | 75.42M | 67.86M | 46.26M | -8.05M |
| Pretax Margin % | -16.41% | -9.66% | 4.28% | -69.94% | -8.86% | 59.64% | 40.36% | 24.2% | 21.94% | 6.59% | 15.65% | 18.07% | 24.12% | 8.04% | 12.54% | 49.27% | 25.51% | 7.04% | 4.03% | 15.07% | 23.57% | 30.41% | 27.41% | 44.71% | 36.3% | 29.2% | 32.75% | 32.94% | 33.78% | -24.44% |
| Income Tax | -10.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.27M | 0 | -10.91M | 2.35M | 32.36M | 15.14M | 14.24M | 3.88M | 33.61M | 16.26M | -15.07M |
| Effective Tax Rate % | 6.31% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.43% | 0% | -9.74% | 2.46% | 32.96% | 21.18% | 22.61% | 5.14% | 49.53% | 35.15% | 187.29% |
| Net Income | -151.54M | -88.28M | 30.65M | -543.52M | -71.63M | 457.06M | 379.8M | 281.35M | 258.65M | 112.78M | 261.13M | 291.05M | 520.81M | 137.63M | 117.12M | 601.33M | 300.57M | 57.54M | 380.81M | 660.41M | 220.72M | 157.42M | 209.43M | 98.16M | 74.33M | 63M | 86.22M | 42.86M | 29.45M | 27.24M |
| Net Margin % | -15.25% | -8.8% | 4.34% | -64.92% | -8.31% | 56.71% | 36.96% | 23.36% | 20.95% | 7.35% | 14.66% | 17.37% | 34.53% | 10% | 8.59% | 47.59% | 27.72% | 5.69% | 34.1% | 62.63% | 39.97% | 42.7% | 60.01% | 44.71% | 37.74% | 29.2% | 37.43% | 20.8% | 21.5% | 82.71% |
| Net Income Growth % | -4475.63% | -387.99% | 105.64% | -658.78% | -115.67% | 20.34% | 35% | 8.78% | 129.35% | -56.81% | -10.28% | -44.12% | 278.41% | 17.52% | -80.52% | 100.06% | 422.34% | -84.89% | -42.34% | 199.21% | 40.21% | -24.83% | 113.36% | 32.06% | 17.98% | -26.93% | 101.18% | 45.51% | 8.13% | - |
| Funds From Operations (FFO) | 110.92M | 167.44M | 240.67M | -309.94M | 138.82M | 669.87M | 693.47M | 553.7M | 536.14M | 493.98M | 883.17M | 664.34M | 860.72M | 433.59M | 411.06M | 893.64M | 541.02M | 292.74M | 610.32M | 865.24M | 300.95M | 222.53M | 268.9M | 145.44M | 113.39M | 104.47M | 118.73M | 70.12M | 44.86M | 30.86M |
| FFO Margin % | 11.17% | 16.69% | 34.06% | -37.02% | 16.11% | 83.12% | 67.49% | 45.97% | 43.42% | 32.22% | 49.56% | 39.64% | 57.07% | 31.49% | 30.16% | 70.73% | 49.89% | 28.97% | 54.65% | 82.05% | 54.49% | 60.36% | 77.05% | 66.25% | 57.57% | 48.42% | 51.55% | 34.03% | 32.75% | 93.72% |
| FFO Growth % | -161.04% | -30.43% | 177.65% | -323.27% | -79.28% | -3.4% | 25.24% | 3.28% | 8.54% | -44.07% | 32.94% | -22.82% | 98.51% | 5.48% | -54% | 65.18% | 84.81% | -52.03% | -29.46% | 187.5% | 35.24% | -17.24% | 84.88% | 28.26% | 8.54% | -12.01% | 69.33% | 56.31% | 45.34% | - |
| FFO per Share | 1.53 | 2.19 | 3.43 | -4.49 | 2.01 | 9.47 | 8.98 | 6.58 | 5.79 | 5.12 | 9.04 | 6.86 | 9.21 | 4.73 | 4.72 | 10.92 | 7.10 | 4.18 | 10.37 | 14.39 | 6.39 | 5.03 | 6.42 | 3.84 | 3.09 | 3.61 | 3.84 | 2.70 | 2.08 | 2.58 |
| FFO Payout Ratio % | 164.47% | 144.91% | 90.92% | -74.51% | 188.83% | 40.47% | 42.39% | 55.33% | 58.42% | 67.52% | 35.56% | 38.74% | 24.05% | 34.23% | 29.49% | 7.15% | 10.9% | 26.75% | 33.28% | 21.76% | 39.26% | 42.57% | 31.7% | 48.73% | 58.73% | 50.79% | 40.38% | 66.16% | 71.66% | 7.61% |
| EPS (Diluted) | -2.10 | -1.18 | 0.08 | -8.23 | -1.38 | 6.50 | 4.87 | 3.19 | 2.75 | 0.90 | 2.41 | 2.78 | 3.43 | 0.66 | 0.00 | 7.54 | 3.55 | 0.56 | 6.89 | 11.09 | 4.51 | 3.29 | 4.89 | 2.74 | 2.15 | 2.00 | 3.02 | 1.41 | 1.22 | 2.28 |
| EPS Growth % | -494.32% | -1575% | 100.97% | -496.38% | -121.23% | 33.47% | 52.66% | 16% | 205.56% | -62.66% | -13.31% | -18.95% | 419.7% | - | -100% | 112.39% | 533.93% | -91.87% | -37.87% | 145.9% | 37.08% | -32.72% | 78.47% | 27.44% | 7.5% | -33.77% | 114.18% | 15.57% | -46.49% | - |
| EPS (Basic) | - | -1.21 | 0.08 | -8.36 | -1.40 | 6.57 | 4.88 | 3.19 | 2.75 | 0.91 | 2.42 | 2.79 | 3.45 | 0.66 | 0.00 | 7.59 | 3.57 | 0.56 | 6.92 | 11.22 | 4.63 | 3.39 | 5.07 | 2.88 | 2.20 | 2.04 | 3.23 | 1.41 | 1.22 | 2.28 |
| Diluted Shares Outstanding | 72.27M | 76.51M | 70.27M | 69.03M | 69.05M | 70.77M | 77.24M | 84.11M | 92.56M | 96.52M | 97.71M | 96.85M | 93.47M | 91.63M | 87.1M | 81.87M | 76.22M | 70M | 58.88M | 60.13M | 47.12M | 44.21M | 41.86M | 37.87M | 36.71M | 28.96M | 30.92M | 25.92M | 21.52M | 11.94M |
Manhattan office demand volatility
As reported in recent financial statements, SL Green’s revenue trajectory remains highly erratic, evidenced by a 41.96% TTM growth figure that contrasts sharply with the negative $33.9M revenue recorded in 2024Q4, suggesting that transactional gains or accounting adjustments are currently obscuring the core organic rental performance.
The extreme variance in top-line figures implies that the company is relying on non-recurring events or asset stabilization to drive growth rather than consistent leasing velocity. Investors should monitor whether this revenue volatility is a byproduct of the DPE platform's lumpy interest income or indicative of deeper structural issues within the Manhattan office portfolio.
Based on the provided quarterly data, NOI margins have fluctuated significantly, reaching a low of 35.7% in 2025Q4, which highlights the difficulty of maintaining property-level profitability amidst rising operating expenses and the potential impact of Local Law 97 compliance costs on the aging Manhattan asset base.
The inconsistency in NOI margins suggests that the company is struggling to pass through rising utility and labor costs to tenants in a competitive leasing environment. This margin compression warrants further investigation into whether the current cost structure is sustainable or if further capital-intensive retrofits will be required to maintain asset competitiveness.
According to the company's recent filings, FFO per share has experienced extreme swings, including a negative $0.12 per share in 2026Q1, which underscores the inherent difficulty in generating consistent cash flow when the portfolio is heavily exposed to interest rate sensitivity and potential asset-level impairments.
The erratic FFO trajectory suggests that the company's earnings quality is currently compromised by high financing costs and the potential for non-cash charges to erode operational gains. Analysts should be wary of the sustainability of the dividend given the recent periods of negative FFO, which may indicate that the payout is not currently supported by recurring cash flow.
As indicated by the reported Debt/Equity ratio of 1.83%, there appears to be a significant disconnect between the company's stated leverage and the historical norms for the REIT sector, which may be masking the true extent of off-balance-sheet liabilities held within unconsolidated joint ventures.
The reliance on JV accounting structures makes it difficult to ascertain the true debt burden and interest coverage capacity of the firm. Investors should monitor whether these off-balance-sheet arrangements are being used to hide leverage that would otherwise appear unsustainable in the current high-interest-rate environment.
Quick answers to the most common questions about buying SLG stock.
For fiscal year 2025, SL Green Realty Corp. (SLG) reported total revenue of $1.00B. This represents a 2945.9% increase compared to $32.9M in 1997.
SL Green Realty Corp. (SLG) reported a net loss of $88.3M for the fiscal year ending 2025.
SL Green Realty Corp. (SLG) reported an operating income of $154.0M, resulting in an operating profit margin of 15.4%. This margin reflects the operational efficiency of the business before interest and taxes.
SL Green Realty Corp. (SLG) generated $341.8M in gross profit for the year, representing a gross profit margin of 34.1%. This demonstrates the company's core pricing power and production efficiency.