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SL Green Realty Corp SLG Stock Quote

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Last close prices updated as of Feb 06, 2023, 7:00 PM EST | USD | BATS BZX Real-Time Price
  • Last Close 40.72
  • Sector Real Estate
  • Industry REIT - Office
  • Investment Style Small Value
  • Day Range 39.45  –  41.17
  • Year Range 32.15  –  83.96
  • Market Cap 2.6216 Bil
  • Volume / Avg 90.0 /  1.3 Mil
  • Price / Sales 3.40
  • Price / Book 0.60
  • Forward Div Yield 7.98%
  • Trailing Div Yield 8.96%

Morningstar‘s Stock Analysis SLG

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SL Green Cuts Its Dividend as Higher Interest Rates Take a Bite; Reducing FVE to $55

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated SL Green Realty reported lackluster fourth-quarter results and reduced its annualized dividend by 13% to $3.25 per share from $3.73 per share. The firm reported funds from operations, or FFO, of $1.46 per share, 4.0% lower than the $1.52 in FFO during the fourth quarter of 2021. The company will continue to feel a disproportionate impact of higher interest rates due to its significantly leveraged capital structure. Management’s 2023 guidance implies a 1.5%-2.5% decline in same-store GAAP net operating income, or NOI, due to lower occupancy in its Manhattan office portfolio and downward rent pressure. The company expects approximately $70 million in higher interest expenses in 2023 compared with 2022. The midpoint of management’s full-year 2023 FFO guidance came at $371 million, 19% lower than the $459 million reported for the full year of 2022. A significant portion of the 2023 decline in FFO will be driven by higher interest payments. We have reduced our fair value estimate for SL Green Realty to $55 per share from $59 after moderating our long-term rent growth, occupancy, and interest expense expectations for the company.

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Key Statistics SLG

Company Profile SLG

Business Description

SL Green is one of the largest Manhattan property owner and landlord, with interest in around 35 million square feet of wholly owned and joint venture office space. The company has additional property exposure through its limited portfolio of well-located retail space. It operates as a real estate investment trust.

One Vanderbilt Avenue
New York, NY, 10017
Industry REIT - Office
Employees 931

Related Articles SLG

FAQs for SL Green Realty Corp Stock

Yes. SLG has a forward dividend yield of 7.98%. See SLG’s full dividends and stock split history on the Dividend tab.
Dividend yield allows investors, particularly those interested in dividend-paying stocks, to compare the relationship between a stock’s price and how it rewards stockholders through dividends. The formula for calculating dividend yield is to divide the annual dividend paid per share by the stock price.

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SLG’s market cap is 2.62 Bil.
Market capitalization is calculated by taking a company’s share price and multiplying it by the total number of shares. It’s often used to measure a company’s size. In the Morningstar Style Box, large-cap names account for the largest 70% of U.S. stocks, mid-cap names account for the largest 70–90%, and small-cap names are the remaining 10% of companies.

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SLG’s stock style is Small Value.
Style is an investment factor that has a meaningful impact on investment risk and returns. Style is calculated by combining value and growth scores, which are first individually calculated.

High-growth stocks tend to represent the technology, healthcare, and communications sectors. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. More value-oriented stocks tend to represent financial services, utilities, and energy stocks. These are established companies that reliably pay dividends.

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SLG’s price/sales is 3.40.
Price/sales represents the amount an investor is willing to pay for a dollar generated from a particular company’s sales or revenues.

SLG’s price/forward earnings is 14.27.
Forward P/E gives some indication of how cheap or expensive a stock is compared with consensus earnings estimates. The lower the Forward P/E, the cheaper the stock.

SLG’s price/book is 0.60.
Price/book ratio can tell investors approximately how much they’re paying for a company’s assets, based on historical, rather than current, valuations. Historical valuations generally do not reflect a company’s current market value. Value investors frequently look for companies that have low price/book ratios.

See SLG’s valuation ratios compared to the Market Index.

SLG’s beta can be found in Trading Information at the top of this page.
A stock’s beta measures how closely tied its price movements have been to the performance of the overall market.

Compare SLG’s historical performance against its industry peers and the overall market.