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SLG

SL Green RealtyNYSE:SLG Stock Report

Market Cap

US$5.2b

7D

7.2%

1Y

53.3%

Updated

25 Sep, 2021

Data

Company Financials +
SLG fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance4/6
Financial Health2/6
Dividends6/6

SLG 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$73.25
52 Week HighUS$41.65
52 Week LowUS$85.65
Beta1.62
1 Month Change4.54%
3 Month Change-11.21%
1 Year Change53.32%
3 Year Change-27.02%
5 Year Change-34.16%
Change since IPO184.69%

Recent News & Updates

Sep 16

SL Green Realty: The King Of The Island

This REIT is the largest office REIT in Manhattan. We cover this one for the first time today and start with the Q2-2021 financial results. We go over the recent leasing trends and tell you why this is perhaps not as cheap as it actually appears.

Aug 03
Here's Why I Think SL Green Realty (NYSE:SLG) Is An Interesting Stock

Here's Why I Think SL Green Realty (NYSE:SLG) Is An Interesting Stock

Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...

Shareholder Returns

SLGUS REITsUS Market
7D7.2%-0.9%0.1%
1Y53.3%34.7%35.3%

Return vs Industry: SLG exceeded the US REITs industry which returned 34.7% over the past year.

Return vs Market: SLG exceeded the US Market which returned 35.3% over the past year.

Price Volatility

Is SLG's price volatile compared to industry and market?
SLG volatility
SLG Beta1.62
Industry Beta0.83
Market Beta1

Stable Share Price: SLG is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SLG's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1997794Marc 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$5.20b
Earnings (TTM)US$281.06m
Revenue (TTM)US$949.74m

18.5x

P/E Ratio

5.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SLG income statement (TTM)
RevenueUS$949.74m
Cost of RevenueUS$379.11m
Gross ProfitUS$570.63m
ExpensesUS$289.57m
EarningsUS$281.06m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Oct 20, 2021

Earnings per share (EPS)3.96
Gross Margin60.08%
Net Profit Margin29.59%
Debt/Equity Ratio88.5%

How did SLG perform over the long term?

See historical performance and comparison

Dividends

5.0%

Current Dividend Yield

56%

Payout Ratio

Does SLG pay a reliable dividends?

See SLG dividend history and benchmarks
When do you need to buy SLG by to receive an upcoming dividend?
SL Green Realty dividend dates
Ex Dividend DateSep 29 2021
Dividend Pay DateOct 15 2021
Days until Ex dividend3 days
Days until Dividend pay date19 days

Does SLG pay a reliable dividends?

See SLG dividend history and benchmarks

Valuation

Is SL Green Realty undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SLG ($73.25) is trading below our estimate of fair value ($182.04)

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


Price To Earnings Ratio

PE vs Industry: SLG is good value based on its PE Ratio (18.5x) compared to the US REITs industry average (50.1x).

PE vs Market: SLG is poor value based on its PE Ratio (18.5x) compared to the US market (17.9x).


Price to Earnings Growth Ratio

PEG Ratio: SLG's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: SLG is good value based on its PB Ratio (1.1x) compared to the US REITs industry average (2x).


Future Growth

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

-12.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SLG's earnings are forecast to decline over the next 3 years (-12.9% per year).

Earnings vs Market: SLG's earnings are forecast to decline over the next 3 years (-12.9% per year).

High Growth Earnings: SLG's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SLG's revenue (4.3% per year) is forecast to grow slower than the US market (9.8% per year).

High Growth Revenue: SLG's revenue (4.3% 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 (2.8%).


Past Performance

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

2.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SLG has a large one-off gain of $261.6M impacting its June 30 2021 financial results.

Growing Profit Margin: SLG's current net profit margins (29.6%) are higher than last year (20%).


Past Earnings Growth Analysis

Earnings Trend: SLG's earnings have grown by 2.6% per year over the past 5 years.

Accelerating Growth: SLG's earnings growth over the past year (27.9%) exceeds its 5-year average (2.6% per year).

Earnings vs Industry: SLG earnings growth over the past year (27.9%) exceeded the REITs industry 3.9%.


Return on Equity

High ROE: SLG's Return on Equity (6.2%) is considered low.


Financial Health

How is SL Green Realty's financial position?


Financial Position Analysis

Short Term Liabilities: SLG's short term assets ($763.9M) exceed its short term liabilities ($181.7M).

Long Term Liabilities: SLG's short term assets ($763.9M) do not cover its long term liabilities ($5.6B).


Debt to Equity History and Analysis

Debt Level: SLG's debt to equity ratio (88.5%) is considered high.

Reducing Debt: SLG's debt to equity ratio has reduced from 93.1% to 88.5% over the past 5 years.

Debt Coverage: SLG's debt is not well covered by operating cash flow (9.1%).

Interest Coverage: SLG's interest payments on its debt are not well covered by EBIT (1.7x coverage).


Balance Sheet


Dividend

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

4.97%

Current Dividend Yield


Upcoming Dividend Payment

TodaySep 26 2021Ex Dividend DateSep 29 2021Dividend Pay DateOct 15 202116 days from Ex DividendBuy in the next 3 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: SLG's dividend (4.97%) is higher than the bottom 25% of dividend payers in the US market (1.33%).

High Dividend: SLG's dividend (4.97%) is in the top 25% of dividend payers in the US market (3.6%)


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.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.7%), SLG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SLG's dividends in 3 years are forecast to be covered by earnings (53.3% payout ratio).


Next Steps

Management

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

6.7yrs

Average management tenure


CEO

Marc Holliday (55 yo)

17.67yrs

Tenure

US$15,194,726

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

Compensation vs Market: Marc's total compensation ($USD15.19M) is above average for companies of similar size in the US market ($USD6.40M).

Compensation vs Earnings: Marc's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: SLG's management team is seasoned and experienced (6.7 years average tenure).


Board Members

Experienced Board: SLG's board of directors are considered experienced (7.3 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: SLG insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

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$5.198b
  • Market Cap: US$4.919b
  • Shares outstanding: 70.97m
  • Website: https://www.slgreen.com

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/25 22:18
End of Day Share Price2021/09/24 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.