SLG
Real EstateSL Green Realty Corp. · REIT - Office · $3B
What is SL Green Realty Corp.?
SL Green Realty Corp. is Manhattan's largest office landlord and a fully integrated real estate investment trust. The company focuses on acquiring, managing, and maximizing the value of commercial properties concentrated in New York City.
SL Green generates revenue primarily through leasing office space in Manhattan to corporate tenants. As a REIT, it is structured to pass the majority of taxable income to shareholders as dividends. Beyond direct ownership, the company also holds interests in debt and preferred equity investments secured by additional square footage, giving it multiple channels of real estate exposure within a single, tightly focused Manhattan strategy.
SL Green was founded in 1997 and is headquartered in New York City.
- Manhattan office building ownership and leasing
- Commercial property management services
- Debt and preferred equity real estate investments
- Value-add acquisition and repositioning of office assets
Is SLG a Good Stock to Buy?
UQS Score rates SLG as Poor overall, reflecting broad weakness across the five pillars.
SL Green's most recognizable attribute is its concentrated position as Manhattan's dominant office landlord, which provides a degree of brand recognition and scale within its niche. The company's dividend history reflects its REIT structure and commitment to income distribution.
The Quality, Moat, Growth, and Risk pillars all register as Weak, while Valuation is rated Elevated — a combination that signals meaningful headwinds for investors evaluating the stock on a fundamental basis.
Pro members can view the complete pillar breakdown and underlying financial metrics to understand exactly where SLG stands relative to sector peers. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does SLG pay dividends?
Yes — SL Green Realty Corp. pays a dividend.
SL Green pays a regular dividend, consistent with its REIT structure, which requires distributing the substantial majority of taxable income to shareholders. The dividend provides an income component that many real estate investors prioritize. However, dividend sustainability depends on occupancy levels and cash flow generation — factors worth monitoring given the current risk profile of the business.
When does SLG report earnings?
SL Green Realty reports earnings on a quarterly cadence, typical for US-listed REITs.
Office REITs have faced persistent pressure from shifting workplace trends, and SL Green's results reflect the broader challenges facing Manhattan commercial real estate. Revenue visibility depends heavily on lease renewal rates and new tenant demand across its portfolio.
For the most recent quarter's results and guidance, visit SL Green Realty's investor relations page directly.
SLG Price History
-23.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in SL Green Realty Corp.?
Based on SL Green Realty Corp.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
SLG Long-term Outlook
The UQS Growth pillar for SLG is rated Weak, suggesting the fundamental trajectory faces meaningful obstacles in the near term. The Risk pillar is similarly Weak, pointing to elevated uncertainty around cash flows and balance sheet resilience. With Valuation rated Elevated, the stock does not appear to offer a margin of safety relative to its current fundamental profile. Investors considering SLG should weigh the structural headwinds facing Manhattan office demand against the company's scale advantages.
Growth drivers
- Potential recovery in Manhattan office leasing demand as return-to-office trends evolve
- Value-add repositioning of existing assets to attract premium tenants
- Preferred equity and debt investments providing supplemental income streams
Key risks
- Sustained weakness in Manhattan office occupancy and leasing activity
- Elevated valuation relative to the company's current fundamental quality
- Balance sheet and refinancing risk in a higher-for-longer interest rate environment
SLG vs Peers
SL Green operates in the office REIT space alongside several peers with distinct geographic and strategic profiles.
Highwoods focuses on Sun Belt office markets rather than a single dense urban core, offering geographic diversification that contrasts with SLG's Manhattan concentration.
COPT targets government and defense-related tenants near military installations, giving it a more stable and specialized tenant base compared to SLG's corporate office focus.
Kilroy concentrates on West Coast innovation markets, serving technology and life science tenants in a portfolio that differs meaningfully from SLG's New York-centric office strategy.
Frequently Asked Questions
What does SL Green Realty do?
SL Green Realty is a fully integrated REIT and Manhattan's largest office landlord. The company acquires, manages, and seeks to maximize the value of commercial properties in New York City. It also holds interests in debt and preferred equity investments secured by additional real estate assets.
Does SLG pay dividends?
Yes, SL Green pays a regular dividend. As a REIT, it is required to distribute the majority of its taxable income to shareholders. Income-focused investors often look to SLG for this reason, though dividend sustainability should be evaluated alongside the company's occupancy and cash flow trends.
When does SLG report earnings?
SL Green reports earnings on a quarterly basis, in line with standard practice for US-listed REITs. For the exact schedule and most recent results, check SL Green Realty's official investor relations page, as specific dates are subject to change.
Is SLG a good stock to buy?
UQS Score rates SLG as Poor, with Weak readings across Quality, Moat, Growth, and Risk pillars, and an Elevated Valuation. This profile suggests significant fundamental challenges. Investors should review the full pillar breakdown available to Pro members before drawing conclusions.
Is SLG overvalued?
The UQS Valuation pillar for SLG is rated Elevated, meaning the current price does not appear to reflect a discount relative to the company's fundamental quality. For a detailed look at the valuation metrics driving this rating, the full analysis is available to Pro members.
How does SLG compare to its competitors?
SLG's Manhattan-only focus sets it apart from peers like Highwoods Properties, COPT Defense Properties, and Kilroy Realty, which diversify across different geographies or tenant types. This concentration can be a strength in a strong New York market but amplifies risk when Manhattan office demand weakens.
What is SLG's market cap bracket?
SL Green Realty is classified as a mid-cap company. This places it in a range that typically offers more liquidity than small-cap REITs while remaining smaller than the largest diversified real estate conglomerates.
Who founded SL Green Realty?
SL Green Realty was founded in 1997. The company's founding history and leadership background are publicly available through its official corporate filings and investor relations materials.
Is SLG a long-term quality investment?
As a long-term quality indicator, SLG's current UQS profile — with Weak scores across four of five pillars — raises meaningful questions about durability of returns. Long-term investors typically look for stronger Quality and Moat ratings as signals of compounding potential. The full breakdown is available to Pro members.
What is the main competitive advantage of SL Green?
SL Green's primary advantage is its scale and deep expertise in Manhattan commercial real estate, a market with high barriers to entry. Its position as the borough's largest office landlord gives it negotiating leverage with tenants and brokers, though this advantage is constrained by the current challenges facing urban office demand.
What sector does SLG belong to?
SL Green Realty belongs to the Real Estate sector, specifically the office REIT sub-category. Office REITs have faced heightened scrutiny in recent years due to structural shifts in how and where people work, making sector context important when evaluating SLG.
Unlock Full SLG Analysis
Sign in to unlock the detailed analysis behind the UQS Score.
- ✓View the exact UQS pillar scores for SLG
- ✓Access detailed financial metrics behind each pillar
- ✓Compare SLG against office REIT peers side by side
- ✓Track changes in SLG's quality and risk profile over time
- ✓Screen for stronger-rated REITs across the sector
Pro Analysis
SLG — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 20, 2026 | 28.9 | 33.5 | 32.0 | 28.0 | 6.2 | 39.9 | +0.3 |
| May 13, 2026 | 28.6 | 32.9 | 32.0 | 28.0 | 6.2 | 39.1 | +0.8 |
| May 12, 2026 | 27.8 | 32.6 | 32.0 | 28.0 | 6.2 | 34.3 | 0.0 |
| May 7, 2026 | 27.8 | 31.7 | 32.0 | 28.0 | 9.4 | 32.7 | -0.5 |
| May 3, 2026 | 28.3 | 31.7 | 32.0 | 28.0 | 9.4 | 35.7 | -0.1 |
| Apr 26, 2026 | 28.4 | 31.7 | 32.0 | 28.0 | 9.4 | 36.6 | +0.5 |
| Apr 19, 2026 | 27.9 | 31.7 | 32.0 | 28.0 | 9.4 | 33.0 | -0.8 |
| Apr 18, 2026 | 28.7 | 31.7 | 32.0 | 28.0 | 9.4 | 38.5 | -1.9 |
| Apr 14, 2026 | 30.6 | 31.7 | 32.0 | 28.0 | 9.4 | 51.0 | -4.6 |
| Apr 13, 2026 | 35.2 | 31.5 | 50.0 | 28.0 | 9.4 | 51.7 | +4.5 |
SLG — Pillar Breakdown
Quality
— 32.8/100 (25%)SL Green Realty Corp. currently shows below-average quality metrics, suggesting challenges with profitability.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 28.0/100 (20%)SL Green Realty Corp. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 6.2/100 (15%)SL Green Realty Corp. presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 34.2/100 (15%)SL Green Realty Corp. appears expensively valued relative to its fundamentals and growth prospects.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 32/100 (25%)SL Green Realty Corp. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for SLG.
Score Composition
Financial Data
More Stock Analysis
How is the SLG UQS Score Calculated?
The UQS (Unified Quality Score) for SL Green Realty Corp. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses SL Green Realty Corp.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether SL Green Realty Corp. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.