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SL Green Realty Corp SLG

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Morningstar’s Analysis

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SL Green Reports Decent Q4 Results to end a Tumultuous Year for New York Office Real Estate

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

SL Green reported solid fourth-quarter results while the coronavirus crisis continues unabated, limiting physical office utilization in New York City. The firm reported fourth-quarter funds from operations, or FFO, of $1.56 per share, significantly lower than the $1.75 in FFO during the fourth quarter of 2019. Fourth-quarter FFO was negatively impacted by a one-time $0.11 per share loss on the sale of debt and preferred equity investments. Meanwhile, full-year 2020 FFO came in at $7.11 per share, slightly higher as compared with $7.00 for the full year of 2019. These results are impressive considering the length of the COVID-19 crisis that has rendered most office buildings temporarily useless. With a period of weakness already incorporated into our forecast, we are maintaining our $80 per share fair value estimate 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 Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 794