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SL Green Realty Corp SLG

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Stock XNYS Rating as of
$64.61 +1.45 (2.30%)
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As of Delayed Price Closed
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Company Report

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SL Green Earnings: Manhattan Office Portfolio Holding Up Well, but Shares Are Overvalued

Suryansh Sharma

No-moat-rated SL Green Realty reported decent numbers in the second quarter as the Manhattan office portfolio holds up relatively well. Nonrecurring gains on discounted debt extinguishment lifted the headline numbers during the quarter. Given its high quality, the companys Manhattan office market portfolio is performing much better than the market. Still, we want to emphasize that the sector is not out of the woods yet. The company reported funds from operations of $2.05 per share, up 43% compared with the $1.43 per share in FFO during the second quarter of 2023. The headline FFO number included $48.5 million, or $0.69 per share, of gains on discounted debt extinguishments. Excluding the impact of nonrecurring gains, the companys core results were largely in line with our expectations.

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Price vs Fair Value

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SLG is trading at a 500% premium.
Price
$64.61
Fair Value
$43.00
Uncertainty
Very High
1-Star Price
$82.74
5-Star Price
$13.30
Economic Moat
Fqbgw
Capital Allocation
Symmbmvyd

Bulls Say, Bears Say

Bulls

SL Green’s midtown focus allows it to access one of the most vibrant business districts in the world.

Bears

Employees are still hesitant to return to the office as physical building occupancy rates remain at approximately 50-55% of the prepandemic level.

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Trading Information

Previous Close Price
$63.16
Day Range
$63.65–65.12
52-Week Range
$28.55–66.54
Bid/Ask
$63.94 / $65.00
Market Cap
$4.19 Bil
Volume/Avg
804,001 / 850,375

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
5.06
Dividend Yield (Trailing)
4.80%
Dividend Yield (Forward)
4.64%
Total Yield
4.80%

Company Profile

SL Green Realty is one of the largest Manhattan property owners and landlords, with interest in around 32 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.
Sector
Real Estate
Industry
REIT - Office
Stock Style Box
Small Value
Total Number of Employees
1,188
Website
https://www.slgreen.com

Competitors

Valuation

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Metric
SLG
ESRT
VNO
Price/Earnings (Normalized)
 —55.48122.99
Price/Book Value
 1.211.741.28
Price/Sales
 5.063.813.12
Price/Cash Flow
 20.1110.508.54
Price/Earnings
SLG
ESRT
VNO

Financial Strength

Metric
SLG
ESRT
VNO
Quick Ratio
 0.541.151.68
Current Ratio
 0.691.241.98
Interest Coverage
 −3.241.690.98
Quick Ratio
SLG
ESRT
VNO

Profitability

Metric
SLG
ESRT
VNO
Return on Assets (Normalized)
 −1.77%2.17%0.21%
Return on Equity (Normalized)
 −4.77%9.34%0.77%
Return on Invested Capital (Normalized)
 −0.59%4.33%1.65%
Return on Assets
SLG
ESRT
VNO
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