SL Green Realty Corp | REIT Profile

Symbol: SLG
CIK: 1040971
Exchange: NYSE
Preferred Stock: SLG-I
Founded: 1997 (28 years)
HQ: New York, NY, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Office

See SLG on Yahoo Finance
See SLG on SEC.gov

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About SL Green Realty Corp

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing, and maximizing the value of Manhattan commercial properties. Our core business is the ownership of high-quality commercial properties, and our primary business objective is to maximize the total return to stockholders, through strategically acquiring, redeveloping, and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow. The commercial real estate expertise resulting from owning, operating, investing, and lending in Manhattan for over 34 years has enabled us to invest in a collection of premier office and retail properties, selected multifamily residential assets, and high-quality debt and preferred equity investments. As of March 31, 2018, SL Green held interests in 118 Manhattan buildings totaling 49.9 million square feet. This included ownership interests in 28.7 million square feet of Manhattan buildings and debt and preferred equity investments secured by 21.2 million square feet of buildings. In addition, SL Green held ownership interests in 25 suburban buildings totaling 3.7 million square feet in Brooklyn, Long Island, Westchester County, and Connecticut.


SL Green Realty Corp Company Logo

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REITRating™ Trend


REITRating™ is REITNotes' Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score. See score breakdown. The graph below plots the overall REITRating™ score for the last trading days. See complete trend.

Overall REITRating Score: 6.9

Dividend of Trading Day 2025-08-29


Dividend Yield: 5.49%*
Annualized Dividend: $1.03*
Dividend Yield (TTM): 1.8%
Annualized Dividend (TTM): $1.03
Ex-Dividend Date: 2025-08-29
Dividend Date: 2025-09-15
Dividend Frequency: Monthly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. This graph does not include extraordinary dividend.

Latest REIT Press Releases


See more Press Releases for SL Green Realty Corp

Funds From Operations (FFO)


FFO Amount and Payout Ratio

Below are the FFO amounts, dividends, and payout ratios for the last two quarters for SLG.

Year Quarter Type Amount Dividend Paid Payout Ratio
2025 Q1 FFO $1.40 $0.77 55.18%
2024 Q4 FFO $1.81 $0.76 41.85%

REITNotes uses the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information. The “Payout Ratio” is calculated by dividing the “Dividends Paid” column by the “FFO Amount” column. Some REITs may have two types of FFO (eg. FFO and Modified FFO) while others may have just one type of FFO.


Dividend to FFO & Payout Ratio

REITNotes' Dividend to FFO Payout Ratio graph is based on the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information.


Stock Price to FFO & Multiples (TTM)

REITNotes' Price to FFO (P/FFO) Multiples graph is calculated by dividing the REIT’s closing stock price for the day by the Trailing Twelve Month (TTM) Funds from Operations (FFO). For some REITs we also display the Price-to-Adjusted Funds From Operations (P/AFFO), Price-to-Core FFO (P/CFFO), Price-to-Normalized FFO (P/NFFO), Price-to-Modified FFO (P/MFFO), Price-to-Operating (P/FFO), depending on the data provided in the REIT’s Quarterly Earning Reports.
As you may be familiar with, the price-to-earnings ratio (P/E ratio) is a useful tool for investors to gauge the market's valuation of a company’s stock price. The price-to-FFO ratio (or multiple) is a comparable measure used in the REIT industry that compares the REIT’s stock price to its FFO per share instead of its earnings per share (EPS).

Key Stats of Trading Day 2025-08-29


Market Capitalization: $4,315,753,000 [?]
EBITDA: $144,354,000 [?]
P/E (Price-to-Earnings) Ratio: N/A [?]
PEG (Price/Earnings to Growth) Ratio: 0.95 [?]
Book Value: 50.26 [?]
Dividend Per Share (DPS): $3.05 [?]
Earnings Per Share (EPS): -0.55 [?]
Revenue Per Share (TTM): $9.40 [?]
Profit Margin: -2.00% [?]
Operating Margin (TTM): 28.40% [?]
Return on Assets (TTM): -0.55% [?]
Return on Equity (TTM): -0.40% [?]
Revenue (TTM): $640,547,000 [?]
Gross Profit (TTM): $228,394,000 [?]
Diluted EPS (TTM): $-0.55 [?]
Quarterly Earnings Growth YOY: -98.20% [?]
Quarterly Revenue Growth YOY: -3.50% [?]
Trailing P/E: N/A [?]
Forward P/E: 9.56 [?]
Beta: 1.68 [?]
Price-to-Sales Ratio (TTM): 6.74 [?]
Price-to-Book (P/B): 1.13 [?]
Enterprise Value (EV) to Revenue: 9.68 [?]
EV to EBITDA: 19.61x [?]
Shares Outstanding: 71,022,000 [?]
52 Week High: $79.40 [?]
52 Week Low: $44.14 [?]
50 Day Moving Average: $59.01 [?]
200 Day Moving Average: $62.37 [?]

Properties Owned by SLG


SLG Sample Property

Sample of REIT’s Properties. Image Source - REIT’s website

Occupancy Rate



Different REITs may report Occupancy levels in various forms/calculations. Some of the terms used to describe occupancy are Portfolio Occupancy, Weighted Average Occupancy, Ending Occupancy, Economic Occupancy, Leased Occupancy, Physical Occupancy, Pro Forma Occupancy, Same-Property Occupancy, Stabilized Portfolio Occupancy, Comparable Occupancy, Lease Rate, Percent Leased, among others. Some REITs interchange the words Occupancy and Leased while others use them to distinguish between data points. Some REITs also vary the use of the words over time through their earning reports. Therefore the information provided here is our best attempt at collecting data on occupancy/leased trends. However, it may not be accurate or comparable between different REITs.

REIT Simulation


Below is a simulation of how much money you would have made in dividends, and how much the shares would be worth had you purchased them 1 year ago for the amounts below.

With $1,000 USD With $500 USD With $250 USD With $100 USD With $50 USD
Initial investment @ $66.64 per share you would have been able to buy 15 shares of SLG on 2024-08-30 costing $999.60 @ $66.64 per share you would have been able to buy 7 shares of SLG on 2024-08-30 costing $466.48 @ $66.64 per share you would have been able to buy 3 shares of SLG on 2024-08-30 costing $199.92 @ $66.64 per share you would have been able to buy 1 shares of SLG on 2024-08-30 costing $66.64 @ $66.64 per share you would have been able to buy 0 shares of SLG on 2024-08-30 costing $0.00
Current worth On 2025-08-29 these 15 shares would be worth $853.20 @ $56.88 On 2025-08-29 these 7 shares would be worth $398.16 @ $56.88 On 2025-08-29 these 3 shares would be worth $170.64 @ $56.88 On 2025-08-29 these 1 shares would be worth $56.88 @ $56.88 On 2025-08-29 these 0 shares would be worth $0.00 @ $56.88
Dividends earned $49.76 in dividends would have been earned since 2024-08-30 with 15 shares. $23 in dividends would have been earned since 2024-08-30 with 7 shares. $9.95 in dividends would have been earned since 2024-08-30 with 3 shares. $3.32 in dividends would have been earned since 2024-08-30 with 1 shares. $0.00 in dividends would have been earned since 2024-08-30 with 7 shares.
Net (gain / loss)* -96.64 USD -45.10 USD -19.33 USD -6.44 USD 0.00 USD
ROI** -9.67% -9.67% -9.67% -9.67% nan%

*Net (Gains/Loss): Includes the stock price (appreciate or depreciate ) + dividends earned during period held. Stock prices based on closing price for the date. **ROI: Is based on the Net (gain/loss) divided by the initial investment value. Note: Past performance is no guarantee of future results. This is a high-level simulation and does not account for many factors such as inflation and taxes so we cannot guarantee the accuracy of this simulation.

Dividend History


Below are the most recent cash dividends paid by SLG. The percent difference from one dividend payment to the next has also been calculated for your convenience. Dividends flagged as [E] are extraordinary dividend payments.


Symbol Ex Date Cash Amount Change in Dividend Declaration Date Record Date Payment Date
SLG 2025-08-29 0.258 --- 2025-08-18 2025-08-29 2025-09-15
SLG 2025-07-31 0.258 --- 2025-07-17 2025-07-31 2025-08-15
SLG 2025-06-30 0.258 --- 2025-06-18 2025-06-30 2025-07-15
SLG 2025-05-30 0.258 --- 2025-05-19 2025-05-30 2025-06-16
SLG 2025-04-30 0.258 --- 2025-04-17 2025-04-30 2025-05-15
SLG 2025-03-31 0.258 --- 2025-03-20 2025-03-31 2025-04-15
SLG 2025-02-28 0.258 --- 2025-02-18 2025-02-28 2025-03-17
SLG 2025-01-31 0.258 --- 2025-01-21 2025-01-31 2025-02-18
SLG 2024-12-31 0.258 3.00% 2024-12-06 2024-12-31 2025-01-15
SLG 2024-11-29 0.250 --- 2024-11-18 2024-11-29 2024-12-16
SLG 2024-10-31 0.250 --- 2024-10-21 2024-10-31 2024-11-15
SLG 2024-09-30 0.250 --- 2024-09-19 2024-09-30 2024-10-15

Financial Statements Overview


The next Earnings Report for SLG is

Balance Sheet | Quarterly


Assets 2025-06-30 2025-03-31 QoQ
Current Assets
  Cash and Cash Equivalents at Carrying Value 342,817,000 184,294,000
  Short-Term Investments 0 22,812,000
  Cash and Short Term Investments 342,817,000 184,294,000
  Current Net Receivables 323,520,000 0
  Inventory 0 0
  Other Current Assets -666,337,000 883,304,000
  Total Current Assets 0 1,378,081,000 -100.0%
Non-Current Assets
  Property Plant Equipment 0 0
  Accumulated Depreciation Amortization PPE 0 0
  Long-Term Investments 0 0
  Investments 0 0
  Intangible Assets Excluding Goodwill 0 0
  Goodwill 0 0
  Intangible Assets 0 0
  Other Non-Current Assets 0 0
  Total Non-Current Assets 0 9,079,859,000 -100.0%
  Total Assets 11,252,329,000 10,470,099,000 7.5%
Liabilities
Current Liabilities
  Current Accounts Payable 0 0
  Deferred Revenue 0 0
  Current Debt 0 0
  Short-Term Debt 0 299,713,000
  Current Long-Term Debt 0 0
  Short Long-Term Debt Total 6,200,090,000 5,114,755,000
  Other Current Liabilities 0 38,343,000
  Total Current Liabilities 229,697,000 642,144,000 -64.2%
Non-Current Liabilities
  Long-Term Debt Noncurrent 0 0
  Long-Term Debt 0 0
  Capital Lease Obligations 0 0
  Other Non-Current Liabilities 0 0
  Total Non-Current Liabilities 0 4,820,255,000
  Total Liabilities 6,889,934,000 5,915,143,000 16.5%
Shareholders' Equity
  Common Stock 710,000 711,000
  Common Stock Shares Outstanding 70,436,000 65,688,000
  Treasury Stock 0 0
  Retained Earnings -613,117,000 -449,101,000
  Total Shareholder Equity 3,986,645,000 3,951,300,000 0.9%

Amounts in USD ($)

Income Statement | Quarterly


2025-06-30 2025-03-31 QoQ
Total Revenue 241,916,000 245,879,000 -1.6%
  Cost of Revenue   155,120,000   117,921,000
  Cost of Goods and Services Sold   155,120,000   117,921,000
Gross Profit 86,796,000 127,958,000 -32.2%
  Research and Development   0   0
  Selling General and Administrative   0   0
  Depreciation   0   0
  Depreciation and Amortization   60,160,000   53,436,000
  Operating Expenses   21,579,000   22,827,000
Operating Income 75,316,000 49,746,000 51.4%
  EBIT (Earnings Before Interest and Tax)   75,316,000   71,006,000
  Investment Income Net   0   0
  Net Interest Income   0   0
  Interest Income   0   0
  Interest Expense   0   50,134,000
  Interest and Debt Expense   0   0
  Non Interest Income   0   0
  Other Non Operating Income   0   0
Income Before Tax -6,817,000 19,138,000 -135.6%
  Income Tax Expense 0 0
Net Income from Continuing Operations 0 0
Net Income -5,202,000 15,253,000 -134.1%
Comprehensive Income Net of Tax 0 0
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) 135,476,000 124,442,000

Amounts in USD ($)

Cash Flow | Quarterly


Cash Flows from Operating Activities 2025-06-30 2025-03-31 QoQ
  Net Income -5,202,000 -21,545,000 -75.9%
  Depreciation, Depletion, and Amortization 61,902,000 66,185,000
  Change in Receivables 0 0
  Change in Inventory 0 0
  Change in Operating Assets 0 0
  Change in Operating Liabilities 0 0
  Payments for Operating Activities 0 0
  Proceeds from Operating Activities 0 0
  Profit Loss 0 0
  Net Cash Provided by Operating Activities 54,488,000 6,710,000 712.0%
Cash Flows from Investing Activities
  Capital Expenditures 0 0
  Net Cash Used in Investing Activities 0 0
Cash Flows from Financing Activities
  Proceeds from Issuance of Common Stock 0 0
  Proceeds from Issuance of Preferred Stock 0 0
  Proceeds from Issuance of Long-Term Debt 0 0
  Proceeds from Repurchase of Equity 0 -871,000
  Proceeds from Sale of Treasury Stock 0 0
  Repayment of Short-Term Debt 0 0
  Payments for Repurchase of Common Stock 0 0
  Payments for Repurchase of Preferred Stock 0 0
  Payments for Repurchase of Equity 0 0
  Dividend Payout 60,200,000 56,036,000
  Dividend Payout - Common Stock 60,200,000 56,036,000
  Dividend Payout - Preferred Stock 0 0
  Net Cash Provided by Financing Activities -180,484,000 -197,890,000 -8.8%
Other Items
  Effect of Exchange Rate on Cash 0 0
  Net Increase in Cash and Cash Equivalents 0 0

Amounts in USD ($)

REITRating™ Scorecard


Rating Dividend Section Avg. Rating
0 Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last three years. 4.7
10 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 7.8
8 Dividend to FFO Payout Ratio Health: Analysis of the REIT’s Dividend to FFO Payout Ratios during the last four quarters. 8.8
6 Dividend to FFO Payout Ratio Trend: Analysis of the REIT’s Dividend to FFO Payout Ratios trend during the last two years. 7.4
Rating AFFO & Efficiency Section Avg. Rating
8 FFO Trend: Analysis of the REIT’s FFO trend during the last two years. 8.7
7 FFO to Revenue Health: Analysis of the REIT's Adjusted Funds From Operation to its Revenues. 6.5
10 Operating Expense Efficiency: Analysis of the REIT's Operating Expenses to its Revenues. 9.3
7 Operating Expense Efficiency Trend: Analysis of the trend of the REIT's Operating Expenses to its Revenue. 8.5
Rating Leverage Section Avg. Rating
6 Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. 5.0
7 Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. 6.6
Rating Asset & Revenue Section Avg. Rating
9 Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. 5.5
10 Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. 5.9
Rating Properties Section Avg. Rating
8 Occupancy Health Level: Analysis of the REIT’s occupancy health level during the last four quarters. 7.8
9 Occupancy Trend: Analysis of the REIT’s occupancy trend over the last two years. 7.8
Rating Market Cap Section Avg. Rating
5 Market Cap Strength: Analysis of the REIT's Market Capitalization performance, preservation and resistance in comparison to market changes. 4.7
6.9 Overall REITRating™ Score (See trend) 6.3

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

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Last updated: 2025-08-30 - v6.6