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SL Green Realty Corp SLG

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Morningstar’s Analysis

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SL Green Reports Respectable Third-Quarter Results as the New York Office Market Remains Paused

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

SL Green reported satisfactory third-quarter results with the coronavirus crisis continuing to drag on and limit office utilization in New York City. The company reported third-quarter funds from operations, or FFO, of $1.75 per share, exactly flat as compared with $1.75 in FFO during the second quarter of 2019. Meanwhile, same-store cash net operating income increased by 2.1% as compared with a year ago. These figures are encouraging within the context of a COVID-19 crisis that has heavily dented office utilization due to prevailing health concerns. Nevertheless, there are a few nuances and moving parts in the results that we will unpack subsequently. Despite the decent results, we are lowering our fair value estimate to $78 per share from $84 per share for no-moat-rated SL Green.

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Company Profile

Business Description

SL Green is the largest Manhattan property owner and landlord, with around 46 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.

420 Lexington Avenue
New York, NY, 10170
T +1 212 594-2700
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 1,033