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SL Green Realty

NYSE:SLG.PRI
Snowflake Description

6 star dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SLG.PRI
NYSE
$8B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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 value of Manhattan commercial properties. The last earnings update was 7 days ago. More info.


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SLG.PRI Share Price and Events
7 Day Returns
0.5%
NYSE:SLG.PRI
0.2%
US REITs
-3.9%
US Market
1 Year Returns
1.6%
NYSE:SLG.PRI
13%
US REITs
1.4%
US Market
SLG.PRI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SL Green Realty (SLG.PRI) 0.5% -0% -0.2% 1.6% -2.9% 4.5%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • SLG.PRI underperformed the REITs industry which returned 13% over the past year.
Price Volatility
SLG.PRI
Industry
5yr Volatility vs Market

Value

 Is SL Green Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SL Green Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for SL Green Realty.

NYSE:SLG.PRI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SLG.PRI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (83.85%))
0.922
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.922 * 5.96%)
8.22%

Discounted Cash Flow Calculation for NYSE:SLG.PRI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for SL Green Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SL Green Realty is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:SLG.PRI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.22%)
2019 403.11 Analyst x7 372.48
2020 385.27 Analyst x7 328.93
2021 401.89 Analyst x2 317.05
2022 453.89 Analyst x1 330.86
2023 487.41 Analyst x1 328.29
2024 519.72 Est @ 6.63% 323.45
2025 548.09 Est @ 5.46% 315.19
2026 573.52 Est @ 4.64% 304.75
2027 596.85 Est @ 4.07% 293.04
2028 618.73 Est @ 3.67% 280.70
Present value of next 10 years cash flows $3,194.74
NYSE:SLG.PRI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $618.73 × (1 + 2.73%) ÷ (8.22% – 2.73%)
$11,568.07
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $11,568.07 ÷ (1 + 8.22%)10
$5,248.07
NYSE:SLG.PRI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $3,194.74 + $5,248.07
$8,442.81
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $8,442.81 / 88.59
$28.64
NYSE:SLG.PRI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:SLG.PRI represents 0.29961x of NYSE:SLG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.29961x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 28.64 x 0.29961
$8.58
Value per share (USD) From above. $8.58
Current discount Discount to share price of $25.65
= -1 x ($25.65 - $8.58) / $8.58
-198.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of SL Green Realty is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SL Green Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SL Green Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SLG.PRI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.05
NYSE:SLG Share Price ** NYSE (2019-05-15) in USD $85.61
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of SL Green Realty.

NYSE:SLG.PRI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SLG Share Price ÷ EPS (both in USD)

= 85.61 ÷ 2.05

41.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SL Green Realty is overvalued based on earnings compared to the US REITs industry average.
  • SL Green Realty is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does SL Green Realty's expected growth come at a high price?
Raw Data
NYSE:SLG.PRI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 41.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
13.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:SLG.PRI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 41.84x ÷ 13.3%

3.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SL Green Realty is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SL Green Realty's assets?
Raw Data
NYSE:SLG.PRI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $66.96
NYSE:SLG Share Price * NYSE (2019-05-15) in USD $85.61
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:SLG.PRI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SLG Share Price ÷ Book Value per Share (both in USD)

= 85.61 ÷ 66.96

1.28x

* Primary Listing of SL Green Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SL Green Realty is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess SL Green Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. SL Green Realty has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is SL Green Realty expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SL Green Realty expected to grow at an attractive rate?
  • SL Green Realty's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • SL Green Realty's earnings growth is positive but not above the United States of America market average.
  • SL Green Realty's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SLG.PRI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SLG.PRI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 13.3%
NYSE:SLG.PRI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -5.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SLG.PRI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SLG.PRI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 258
2022-12-31 241
2021-12-31 947 167 2
2020-12-31 973 497 124 5
2019-12-31 961 472 135 3
NYSE:SLG.PRI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,224 409 174
2018-12-31 1,232 442 232
2018-09-30 1,293 448 321
2018-06-30 1,363 478 271
2018-03-31 1,452 524 176
2017-12-31 1,533 543 86
2017-09-30 1,433 538 102
2017-06-30 1,468 572 98
2017-03-31 1,700 634 223
2016-12-31 1,782 644 234
2016-09-30 1,907 712 291
2016-06-30 1,914 666 421

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SL Green Realty's earnings are expected to grow by 13.3% yearly, however this is not considered high growth (20% yearly).
  • SL Green Realty's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SLG.PRI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from SL Green Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SLG.PRI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.02 2.02 2.02 1.00
2020-12-31 1.34 1.56 0.97 3.00
2019-12-31 1.56 1.60 1.52 2.00
NYSE:SLG.PRI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.05
2018-12-31 2.67
2018-09-30 3.57
2018-06-30 2.92
2018-03-31 1.83
2017-12-31 0.87
2017-09-30 1.02
2017-06-30 0.98
2017-03-31 2.22
2016-12-31 2.34
2016-09-30 2.91
2016-06-30 4.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • SL Green Realty is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess SL Green Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SL Green Realty has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has SL Green Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SL Green Realty's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SL Green Realty's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • SL Green Realty's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • SL Green Realty's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
SL Green Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from SL Green Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SLG.PRI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,223.59 173.81 95.08
2018-12-31 1,231.50 231.76 92.63
2018-09-30 1,293.50 320.71 94.74
2018-06-30 1,362.66 271.20 98.11
2018-03-31 1,452.20 176.22 99.88
2017-12-31 1,533.37 85.95 100.50
2017-09-30 1,433.08 102.13 98.15
2017-06-30 1,468.12 97.84 99.64
2017-03-31 1,700.31 223.08 99.87
2016-12-31 1,781.86 234.31 99.76
2016-09-30 1,906.57 291.09 96.71
2016-06-30 1,914.43 420.50 94.73
2016-03-31 1,697.59 247.94 93.44
2015-12-31 1,675.86 254.58 94.87
2015-09-30 1,627.97 188.76 94.85
2015-06-30 1,603.71 56.25 94.02
2015-03-31 1,562.64 210.52 94.70
2014-12-31 1,508.19 320.97 92.49
2014-09-30 1,486.55 317.91 92.52
2014-06-30 1,431.97 302.57 90.74
2014-03-31 1,390.86 187.95 88.38
2013-12-31 1,376.79 60.74 86.19
2013-09-30 1,365.59 39.68 84.82
2013-06-30 1,391.24 30.66 84.50
2013-03-31 1,481.12 132.26 83.71
2012-12-31 1,362.77 117.12 82.84
2012-09-30 1,437.52 128.21 80.20
2012-06-30 1,374.04 127.39 78.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SL Green Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SL Green Realty used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • SL Green Realty's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SL Green Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SL Green Realty has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is SL Green Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SL Green Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SL Green Realty is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SL Green Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of SL Green Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from SL Green Realty Company Filings, last reported 1 month ago.

NYSE:SLG.PRI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 6,541.97 6,339.39 157.97
2018-12-31 6,636.09 5,592.98 148.15
2018-09-30 7,036.20 5,584.21 187.80
2018-06-30 7,030.05 5,900.63 313.37
2018-03-31 7,315.02 5,465.27 312.44
2017-12-31 7,353.14 5,897.98 144.58
2017-09-30 7,956.84 6,467.72 255.22
2017-06-30 8,137.19 6,418.73 285.29
2017-03-31 8,496.99 6,621.79 484.39
2016-12-31 8,526.80 6,523.80 300.53
2016-09-30 8,515.40 6,401.89 405.90
2016-06-30 8,536.03 8,007.01 276.23
2016-03-31 8,406.94 8,552.68 316.21
2015-12-31 8,426.04 10,316.81 255.60
2015-09-30 8,377.70 10,189.69 244.37
2015-06-30 8,080.52 8,241.57 215.92
2015-03-31 8,153.17 8,126.98 330.77
2014-12-31 7,999.86 8,214.34 283.58
2014-09-30 7,817.84 8,323.79 253.60
2014-06-30 7,701.60 8,205.47 308.15
2014-03-31 7,465.99 7,217.18 447.17
2013-12-31 7,331.90 6,968.91 206.69
2013-09-30 7,066.69 6,868.58 209.10
2013-06-30 7,016.69 6,759.18 198.97
2013-03-31 7,175.40 6,723.28 220.10
2012-12-31 7,169.56 6,559.90 189.98
2012-09-30 7,174.67 6,344.77 162.36
2012-06-30 7,140.57 6,234.39 256.80
  • SL Green Realty's level of debt (96.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (96.8% vs 96.9% today).
  • Debt is not well covered by operating cash flow (6.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess SL Green Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. SL Green Realty has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is SL Green Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.97%
Current annual income from SL Green Realty dividends. Estimated to be 4.23% next year.
If you bought $2,000 of SL Green Realty shares you are expected to receive $79 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • SL Green Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • SL Green Realty's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SLG.PRI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SLG.PRI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 4.60 2.00
2022-12-31 4.36 2.00
2021-12-31 3.78 5.00
2020-12-31 3.54 15.00
2019-12-31 3.42 15.00
NYSE:SLG.PRI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-21 3.400 3.849
2018-11-29 3.400 3.832
2018-09-13 3.250 3.441
2018-06-15 3.250 3.179
2018-03-22 3.250 3.354
2017-12-01 3.250 3.312
2017-09-19 3.100 3.100
2017-06-16 3.100 3.072
2017-03-23 3.100 2.947
2016-12-01 3.100 2.842
2016-09-16 2.880 2.762
2016-06-16 2.880 2.583
2016-03-21 2.880 2.864
2015-12-02 2.880 2.924
2015-09-17 2.400 2.080
2015-06-16 2.400 2.157
2015-05-08 2.400 2.019
2015-04-23 2.400 1.935
2014-12-01 2.400 1.903
2014-09-12 2.000 1.833
2014-06-12 2.000 1.829
2014-03-13 2.000 1.917
2013-10-24 2.000 2.131
2013-09-16 1.320 1.448
2013-06-20 1.320 1.475
2013-03-20 1.320 1.490
2012-11-27 1.320 1.654
2012-09-17 1.000 1.296
2012-08-09 1.000 1.228
2012-07-26 1.000 1.251
2012-03-16 1.000 1.299
2011-12-05 1.000 1.389
2011-09-15 0.400 0.624
2011-06-22 0.400 0.527
2011-03-10 0.400 0.504
2010-12-16 0.400 0.566
2010-09-20 0.400 0.611
2010-06-07 0.400 0.679
2010-03-17 0.400 0.663
2009-12-14 0.400 0.803
2009-09-17 0.400 0.929
2009-06-18 0.400 1.498

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of SL Green Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (162.1x coverage).
X
Income/ dividend checks
We assess SL Green Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can SL Green Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SL Green Realty has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of SL Green Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marc Holliday
COMPENSATION $13,355,778
AGE 52
TENURE AS CEO 15.3 years
CEO Bio

Mr. Marc Holliday has been the Chief Executive Officer at SL Green Realty Corp. since January 5, 2004 and serves as Chairman of the Board since January 2019. He serves as a Chairman and Chief Executive Officer of SL Green Realty Corp. at SL Green Operating Partnership, LP. Mr. Holliday serves as the President of Wyoming Acquisition GP LLC, the General Partner for Reckson Operating Partnership LP. He served as the Chief Executive Officer and President of Gramercy Capital Corp. from 2004 to October 28, 2008 and its Consultant from October 28, 2008 to April 24, 2009. He served as the Chief Executive Officer and President of GKK Manager LLC. Mr. Holliday joined SL Green Realty Corp., and served as its Chief Investment Officer since July 1998 and as the President from April 1, 2001 to April 16, 2007. Prior to SL Green Realty Corp., he served as Managing Director and Head of Direct Originations for New York-based Capital Trust. From 1991 to 1997, he served in various management positions, including Senior Vice President at New York-based Victor Capital Group, a private real estate investment bank specializing in advisory services, investment management and debt and equity placements. He serves as an Executive Director at 600 Lexington Realty Corp. Mr. Holliday has been a Director of SL Green Realty Corp. since January 2004. He served as a Director at Gramercy Property Trust Inc. from August 2004 to September 30, 2014. He served as a Director of GKK Manager LLC. Prior to joining SL Green, Mr. Holliday held management positions at the former Victor Capital Group, a publicly traded real estate investment management firm that, at the time, was one of the nation's largest dedicated real estate mezzanine lenders. After receiving a Bachelor of Science degree in Business and Finance from Lehigh University in 1988, Mr. Holliday earned a Master of Science Degree in Real Estate Development from Columbia University in 1990. A benefactor of Columbia University and long-time supporter of the real estate program, he established the Holliday Professorship of Real Estate Development in 2008. He also served as Chair of the program's Taskforce for the Future and currently chairs its Industry Advisory Board and endowment campaign. Mr. Holliday was recently honored by National Jewish Health in 2011 where he received the Humanitarian Award and raised a record-breaking $3.0 million for the organization from members of New York City's real estate and construction industries.

CEO Compensation
  • Marc's compensation has been consistent with company performance over the past year.
  • Marc's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the SL Green Realty management team in years:

8.3
Average Tenure
52
Average Age
  • The average tenure for the SL Green Realty management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Marc Holliday

TITLE
Chairman & CEO
COMPENSATION
$13M
AGE
52
TENURE
15.3 yrs

Andrew Mathias

TITLE
President & Director
COMPENSATION
$10M
AGE
44
TENURE
12.1 yrs

Matt DiLiberto

TITLE
Chief Financial Officer
COMPENSATION
$5M
AGE
44
TENURE
4.3 yrs

Andrew Levine

TITLE
Chief Legal Officer
COMPENSATION
$2M
AGE
59
TENURE
18.5 yrs

Ed Piccinich

TITLE
Chief Operating Officer
AGE
55
TENURE
1.3 yrs

David Schonbraun

TITLE
Co-Chief Investment Officer
AGE
40
TENURE
8.3 yrs

Isaac Zion

TITLE
Co-Chief Investment Officer
AGE
47
TENURE
8.3 yrs

Maggie Hui

TITLE
Chief Accounting Officer
AGE
54
TENURE
4.3 yrs

Chris Gulden

TITLE
Senior Vice President of Leasing

Steven Durels

TITLE
Executive VP & Director of Leasing & Real Property
AGE
59
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the SL Green Realty board of directors in years:

4.9
Average Tenure
65
Average Age
  • The tenure for the SL Green Realty board of directors is about average.
Board of Directors

Marc Holliday

TITLE
Chairman & CEO
COMPENSATION
$13M
AGE
52
TENURE
0.3 yrs

Andrew Mathias

TITLE
President & Director
COMPENSATION
$10M
AGE
44
TENURE
4.9 yrs

Stephen Green

TITLE
Chairman Emeritus
COMPENSATION
$2M
AGE
80
TENURE
0.3 yrs

Edwin Burton

TITLE
Independent Director
COMPENSATION
$407K
AGE
75
TENURE
22.3 yrs

Craig Hatkoff

TITLE
Director
COMPENSATION
$384K
AGE
64
TENURE
8.3 yrs

Lauren Dillard

TITLE
Director
COMPENSATION
$418K
AGE
42
TENURE
2.4 yrs

John Alschuler

TITLE
Lead Independent Director
COMPENSATION
$471K
AGE
70
TENURE
9.3 yrs

John Levy

TITLE
Independent Director
COMPENSATION
$363K
AGE
82
TENURE
22.3 yrs

Betsy Atkins

TITLE
Director
COMPENSATION
$373K
AGE
65
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess SL Green Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. SL Green Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

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 value of Manhattan commercial properties. As of March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet. This included ownership interests in 27.7 million square feet of Manhattan buildings and 18.7 million square feet of buildings securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 suburban buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.

Details
Name: SL Green Realty Corp.
SLG.PRI
Exchange: NYSE
Founded: 1997
$7,560,094,287
$7,219,255,786
88,587,934
Website: http://www.slgreen.com
Address: SL Green Realty Corp.
420 Lexington Avenue,
New York,
New York, 10170,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SLG Common Stock New York Stock Exchange US USD 15. Aug 1997
DB GEI Common Stock Deutsche Boerse AG DE EUR 15. Aug 1997
LSE 0KZ6 Common Stock London Stock Exchange GB USD 15. Aug 1997
NYSE SLG.PRI PFD SER I New York Stock Exchange US USD 09. Aug 2012
Number of employees
Current staff
Staff numbers
1,058
SL Green Realty employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:29
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.