SL Green Realty Corp
SLG: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $15.00 | Jcs | Hckmqkt |
SL Green Earnings: Occupancy Declines but Management Expects To Improve Occupancy by Year-End
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No-moat-rated SL Green Realty reported middling first-quarter results as the Manhattan office market remains under stress. The firm reported funds from operations, or FFO, of $1.53 per share, 7.3% lower than the $1.65 per share in FFO during the first quarter of 2022. The decline in FFO can largely be attributed to higher interest payments on the company’s debt as interest rates have been rising. We are maintaining our $55 per share fair value estimate after incorporating the first-quarter results.