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SL Green Realty Corp SLG

Morningstar Rating
$52.41 +1.63 (3.21%)
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Company Report

SL Green Earnings: Mixed Results as Quarterly FFO Buoyed by Nonrecurring Gains; Shares Are Rich

No-moat-rated SL Green Realty reported a mixed set of numbers for the first quarter. The headline numbers were lifted by nonrecurring gains related to discounted debt extinguishment, but there were some signs of stabilization for the Manhattan office market (although the firm is certainly not out of the woods yet). The company reported funds from operations, or FFO, of $3.07 per share, almost double the $1.53 per share in FFO generated during the first quarter of 2023. The headline FFO number included a gain of $141.7 million, or $2.02 per share, tied to discounted debt extinguishment at 2 Herald Square and another gain of $5.1 million, or $0.07 per share, from positive noncash fair value adjustments for mark-to-market derivatives.

Price vs Fair Value

SLG is trading at a 13% premium.
Price
$50.78
Fair Value
$17.00
Uncertainty
Very High
1-Star Price
$67.85
5-Star Price
$55.80
Economic Moat
Gbx
Capital Allocation
Hbcrnzd

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% of the prepandemic level.

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News

Trading Information

Previous Close Price
$50.78
Day Range
$50.1252.88
52-Week Range
$20.5155.75
Bid/Ask
$52.14 / $52.78
Market Cap
$3.40 Bil
Volume/Avg
874,014 / 1.3 Mil

Key Statistics

Price/Earnings (Normalized)
Price/Sales
3.96
Dividend Yield (Trailing)
6.24%
Dividend Yield (Forward)
5.91%
Total Yield
6.24%

Company Profile

SL Green Realty is one of the largest Manhattan property owners and landlords, with interest in around 33 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

Competitors

Valuation

Metric
SLG
ESRT
VNO
Price/Earnings (Normalized)
47.2298.19
Price/Book Value
0.941.511.15
Price/Sales
3.963.292.76
Price/Cash Flow
15.249.267.43
Price/Earnings
SLG
ESRT
VNO

Financial Strength

Metric
SLG
ESRT
VNO
Quick Ratio
0.623.781.74
Current Ratio
0.744.132.03
Interest Coverage
−3.391.711.04
Quick Ratio
SLG
ESRT
VNO

Profitability

Metric
SLG
ESRT
VNO
Return on Assets (Normalized)
−5.25%1.86%0.31%
Return on Equity (Normalized)
−14.27%8.04%1.13%
Return on Invested Capital (Normalized)
−4.32%4.06%1.74%
Return on Assets
SLG
ESRT
VNO
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