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SLG

SL Green Realty NYSE:SLG Stock Report

Last Price

US$40.16

Market Cap

US$2.6b

7D

-3.6%

1Y

-46.5%

Updated

02 Oct, 2022

Data

Company Financials +
SLG fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance2/6
Financial Health2/6
Dividends6/6

SLG Stock Overview

SL Green Realty Corp., an S&P 500 company and Manhattan'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.

SL Green Realty Competitors

Price History & Performance

Summary of all time highs, changes and price drops for SL Green Realty
Historical stock prices
Current Share PriceUS$40.16
52 Week HighUS$85.15
52 Week LowUS$38.67
Beta1.46
1 Month Change-9.47%
3 Month Change-15.29%
1 Year Change-46.54%
3 Year Change-52.95%
5 Year Change-63.94%
Change since IPO51.45%

Recent News & Updates

Sep 29

SL Green Realty: Making A Contrarian Bet On Manhattan Real Estate

Summary SL Green Realty is a leveraged bet on the continued recovery of office space in Manhattan, a market disproportionately impacted by the pandemic. The stock currently trades at a large discount to book value, to its peers, and to its own history despite improving net income margins. Management is actively working to improve the company's financial outlook, disposing of underperforming assets, leasing vacant space, and effectively managing the portfolio to pay down debt while maintaining cash flow. Income and cash flow provide more than sufficient coverage for the dividend, which is currently yielding about 9.5%.

Sep 19

SL Green Realty declares $0.3108 dividend

SL Green Realty (NYSE:SLG) declares $0.3108/share monthly dividend, in line with previous. Forward yield 7.92% Payable Oct. 17; for shareholders of record Sept. 30; ex-div Sept. 29. See SLG Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

SLGUS REITsUS Market
7D-3.6%-4.1%-2.5%
1Y-46.5%-20.4%-23.2%

Return vs Industry: SLG underperformed the US REITs industry which returned -20.4% over the past year.

Return vs Market: SLG underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is SLG's price volatile compared to industry and market?
SLG volatility
SLG Average Weekly Movement5.9%
REITs Industry Average Movement4.2%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: SLG is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: SLG's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1997931Marc Hollidayhttps://www.slgreen.com

SL Green Realty Corp., an S&P 500 company and Manhattan'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 December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet. This included ownership interests in 28.6 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.

SL Green Realty Fundamentals Summary

How do SL Green Realty's earnings and revenue compare to its market cap?
SLG fundamental statistics
Market CapUS$2.61b
Earnings (TTM)US$297.95m
Revenue (TTM)US$717.76m

8.7x

P/E Ratio

3.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SLG income statement (TTM)
RevenueUS$717.76m
Cost of RevenueUS$314.50m
Gross ProfitUS$403.26m
Other ExpensesUS$105.31m
EarningsUS$297.95m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 19, 2022

Earnings per share (EPS)4.63
Gross Margin56.18%
Net Profit Margin41.51%
Debt/Equity Ratio73.8%

How did SLG perform over the long term?

See historical performance and comparison

Dividends

9.3%

Current Dividend Yield

55%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is SLG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SLG?

Other financial metrics that can be useful for relative valuation.

SLG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.2x
Enterprise Value/EBITDA25x
PEG Ratio0.5x

Price to Earnings Ratio vs Peers

How does SLG's PE Ratio compare to its peers?

SLG PE Ratio vs Peers
The above table shows the PE ratio for SLG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average26.2x
JBGS JBG SMITH Properties
32.4xn/aUS$2.4b
OFC Corporate Office Properties Trust
25.9x-1.0%US$2.6b
HIW Highwoods Properties
9.9x-0.1%US$2.9b
DEI Douglas Emmett
36.5x17.9%US$3.7b
SLG SL Green Realty
8.7x17.3%US$2.6b

Price-To-Earnings vs Peers: SLG is good value based on its Price-To-Earnings Ratio (8.7x) compared to the peer average (26.2x).


Price to Earnings Ratio vs Industry

How does SLG's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: SLG is good value based on its Price-To-Earnings Ratio (8.7x) compared to the US REITs industry average (25.8x)


Price to Earnings Ratio vs Fair Ratio

What is SLG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SLG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.7x
Fair PE Ratio38.5x

Price-To-Earnings vs Fair Ratio: SLG is good value based on its Price-To-Earnings Ratio (8.7x) compared to the estimated Fair Price-To-Earnings Ratio (38.5x).


Share Price vs Fair Value

What is the Fair Price of SLG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SLG ($40.16) is trading below our estimate of fair value ($118.43)

Significantly Below Fair Value: SLG is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is SL Green Realty forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


17.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SLG's forecast earnings growth (17.3% per year) is above the savings rate (1.9%).

Earnings vs Market: SLG's earnings (17.3% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: SLG's earnings are forecast to grow, but not significantly.

Revenue vs Market: SLG's revenue (2.5% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: SLG's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SLG's Return on Equity is forecast to be low in 3 years time (2.6%).


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Past Performance

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

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


22.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SLG has a large one-off gain of $276.3M impacting its June 30 2022 financial results.

Growing Profit Margin: SLG's current net profit margins (41.5%) are higher than last year (31.8%).


Past Earnings Growth Analysis

Earnings Trend: SLG's earnings have grown significantly by 22.6% per year over the past 5 years.

Accelerating Growth: SLG's earnings growth over the past year (6.1%) is below its 5-year average (22.6% per year).

Earnings vs Industry: SLG earnings growth over the past year (6.1%) underperformed the REITs industry 45.8%.


Return on Equity

High ROE: SLG's Return on Equity (6.5%) is considered low.


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Financial Health

How is SL Green Realty's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SLG's short term assets ($621.7M) exceed its short term liabilities ($201.7M).

Long Term Liabilities: SLG's short term assets ($621.7M) do not cover its long term liabilities ($5.2B).


Debt to Equity History and Analysis

Debt Level: SLG's net debt to equity ratio (69.8%) is considered high.

Reducing Debt: SLG's debt to equity ratio has reduced from 78.4% to 73.8% over the past 5 years.

Debt Coverage: SLG's debt is not well covered by operating cash flow (8.6%).

Interest Coverage: SLG's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet


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Dividend

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

Dividend Score

6/6

Dividend Score 6/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


9.29%

Current Dividend Yield

Dividend Yield vs Market

SL Green Realty Dividend Yield vs Market
How does SL Green Realty dividend yield compare to the market?
SegmentDividend Yield
Company (SL Green Realty)9.3%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (REITs)4.1%
Analyst forecast in 3 Years (SL Green Realty)9.6%

Notable Dividend: SLG's dividend (9.29%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: SLG's dividend (9.29%) is in the top 25% of dividend payers in the US market (4.73%)


Stability and Growth of Payments

Stable Dividend: SLG's dividends per share have been stable in the past 10 years.

Growing Dividend: SLG's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (55.1%), SLG's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (72.3%), SLG's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

7.8yrs

Average management tenure


CEO

Marc Holliday (56 yo)

20.83yrs

Tenure

US$21,088,057

Compensation

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 the Chairman and Chief Executive O...


CEO Compensation Analysis

Marc Holliday's Compensation vs SL Green Realty Earnings
How has Marc Holliday's remuneration changed compared to SL Green Realty's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$298m

Mar 31 2022n/an/a

US$447m

Dec 31 2021US$21mUS$1m

US$432m

Sep 30 2021n/an/a

US$653m

Jun 30 2021n/an/a

US$281m

Mar 31 2021n/an/a

US$232m

Dec 31 2020US$15mUS$1m

US$354m

Sep 30 2020n/an/a

US$200m

Jun 30 2020n/an/a

US$220m

Mar 31 2020n/an/a

US$324m

Dec 31 2019US$21mUS$1m

US$254m

Sep 30 2019n/an/a

US$176m

Jun 30 2019n/an/a

US$231m

Mar 31 2019n/an/a

US$174m

Dec 31 2018US$13mUS$1m

US$231m

Sep 30 2018n/an/a

US$321m

Jun 30 2018n/an/a

US$271m

Mar 31 2018n/an/a

US$176m

Dec 31 2017US$17mUS$1m

US$86m

Sep 30 2017n/an/a

US$102m

Jun 30 2017n/an/a

US$98m

Mar 31 2017n/an/a

US$223m

Dec 31 2016US$17mUS$1m

US$234m

Sep 30 2016n/an/a

US$291m

Jun 30 2016n/an/a

US$421m

Mar 31 2016n/an/a

US$248m

Dec 31 2015US$23mUS$1m

US$255m

Compensation vs Market: Marc's total compensation ($USD21.09M) is above average for companies of similar size in the US market ($USD6.89M).

Compensation vs Earnings: Marc's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: SLG's management team is seasoned and experienced (7.8 years average tenure).


Board Members

Experienced Board: SLG's board of directors are seasoned and experienced ( 16.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:SLG Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
17 Feb 22SellUS$282,946Edwin BurtonIndividual3,476US$81.40
14 Feb 22SellUS$275,224Craig HatkoffIndividual3,560US$77.31

Ownership Breakdown

What is the ownership structure of SLG?
Owner TypeNumber of SharesOwnership Percentage
Private Companies00%
State or Government26,6050.04%
Individual Insiders241,1290.4%
General Public8,732,56613.6%
Institutions55,300,46686.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 66.07% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
15.22%
BlackRock, Inc.
9,787,903$393.1m6.82%0.01%
14.51%
The Vanguard Group, Inc.
9,330,477$374.7m-2.33%0.01%
5.75%
State Street Global Advisors, Inc.
3,700,207$148.6m-4.07%0.01%
3.23%
Confluence Investment Management LLC
2,079,154$83.5m54.28%1.35%
2.75%
PGGM
1,766,156$70.9m0%0.42%
2.01%
Geode Capital Management, LLC
1,289,421$51.8m-2.5%0.01%
1.97%
Davenport Asset Management
1,267,128$50.9m-15.58%0.43%
1.92%
FMR LLC
1,232,553$49.5m-29.57%no data
1.84%
Dimensional Fund Advisors LP
1,181,016$47.4m-1.13%0.01%
1.69%
Madison International Realty, LLC
1,085,895$43.6m0%18.17%
1.57%
T. Rowe Price Group, Inc.
1,012,411$40.7m22.32%no data
1.54%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
992,974$39.9m-0.59%0.01%
1.54%
Northern Trust Global Investments
990,839$39.8m-9.86%0.01%
1.42%
Charles Schwab Investment Management, Inc.
912,785$36.7m-2.56%0.01%
1.25%
BNY Mellon Asset Management
800,992$32.2m-6.17%0.01%
1.15%
Legal & General Investment Management Limited
738,877$29.7m-2.27%0.01%
1.02%
Norges Bank Investment Management
654,397$26.3m0%no data
0.97%
LDR Capital Management, LLC
622,509$25.0m1.55%15.76%
0.74%
Cannell & Co.
474,604$19.1m-13.61%0.7%
0.73%
Morgan Stanley Investment Management Inc.
471,582$18.9m4497.21%0.01%
0.72%
JPMorgan Chase & Co, Brokerage and Securities Investments
462,146$18.6m11.49%0.02%
0.68%
Stichting Pensioenfonds ABP
440,350$17.7m-30.36%0.02%
0.64%
UBS Asset Management
411,227$16.5m-16.59%no data
0.61%
Morgan Stanley, Investment Banking and Brokerage Investments
395,381$15.9m-9.01%no data
0.6%
Citadel Advisors LLC
385,251$15.5m0%0.02%

Company Information

SL Green Realty Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: SL Green Realty Corp.
  • Ticker: SLG
  • Exchange: NYSE
  • Founded: 1997
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.610b
  • Market Cap: US$2.582b
  • Shares outstanding: 64.99m
  • Website: https://www.slgreen.com

Number of Employees


Location

  • SL Green Realty Corp.
  • 420 Lexington Avenue
  • New York
  • New York
  • 10170
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SLGNYSE (New York Stock Exchange)YesCommon StockUSUSDAug 1997
GEIDB (Deutsche Boerse AG)YesCommon StockDEEURAug 1997
0KZ6LSE (London Stock Exchange)YesCommon StockGBUSDAug 1997
SLG.PRINYSE (New York Stock Exchange)PFD SER IUSUSDAug 2012
S1LG34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 COMBRBRLJan 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.