SL Green Realty Corp

SLG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$13.00	Fjnf	Gdkjpdvc

SL Green: Reducing Our Fair Value After Moderating Long-Term Manhattan Office Recovery Expectations

Suryansh Sharma

May 2, 2023

We are reducing our fair value estimate for no-moat SL Green to $45 per share from $55 per share after moderating our long-term rent growth, occupancy, and Manhattan office sector recovery expectations. Our estimate of SL Green’s weighted average cost of capital is 6.8%, and we apply an enterprise value/EBITDA multiple of 16.6.

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