SL Green Realty Corp Stock Research

Market Summary

USD26.29-1.34

Market Closed

-4.85%

SLG Alerts

1 major insider sales recently.
Losses in recent quarter

SLG Stock Price

SLG RSI Chart

SLG Valuation

Market Cap

1.7B

Price/Earnings (Trailing)

-22.04

Price/Sales (Trailing)

2.08

Price/Free Cashflow

6.23

SLG Price/Sales (Trailing)

SLG Profitability

Return on Equity

-1.7%

Return on Assets

-0.63%

Free Cashflow Yield

16.05%

SLG Fundamentals

SLG Revenue

Revenue (TTM)

826.7M

Revenue Y/Y

15.57%

Revenue Q/Q

5.84%

SLG Earnings

Earnings (TTM)

-78.1M

Earnings Y/Y

-27.36%

Earnings Q/Q

-644.66%

Price Action

52 Week Range

25.4580.12

(Low)(High)

Last 7 days

-16.8%

Last 30 days

-30.5%

Last 90 days

-22.6%

Trailing 12 Months

-63.5%

SLG Financial Health

Debt/Equity

0.3

Debt/Cashflow

0.24

SLG Investor Care

Dividend Yield

14.03%

Dividend/Share (TTM)

3.69

Shares Dilution (1Y)

0.47%

Diluted EPS (TTM)

-1.49

Peers (Alternatives to SL Green Realty)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
EQR	22.3B	2.7B	-9.31%	-29.65%	28.69	8.21	11.91%	-41.71%
ARE	21.2B	2.6B	-23.98%	-31.95%	40.62	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for SL Green Realty

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.8%	827	796	789	806	844
Operating Expenses	3.9%	174	167	163	167	167
S&GA Expenses	-2.4%	94.00	96.00	98.00	97.00	95.00
EBITDA	-	320	-	-	-	-
EBITDA Margin	-	0.38*	-	-	-	-
EBT Margin	-	0.21*	-	-	-	-
Interest Expenses	20.7%	166	138	131	137	145
Net Income	-20.0%	-78.07	-65.07	316	465	450
Net Income Margin	-15.6%	-0.09*	-0.08*	0.34*	0.58*	-
Free Cahsflow	-12.2%	276	315	335	319	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-2.8%	12,356	12,716	10,705	11,015	11,067
Cash Equivalents	1.0%	203	201	189	224	251
Liabilities	-3.1%	7,261	7,492	5,443	5,724	5,748
Long Term Debt	-	1,394	-	-	-	-
Shareholder's Equity	-2.2%	4,585	4,688	4,749	4,739	4,765
Retained Earnings	-13.9%	651	756	780	847	976
Additional Paid-In Capital	0.3%	3,790	3,780	3,801	3,793	3,739
Shares Outstanding	0.1%	65.00	65.00	65.00	65.00	65.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-12.2%	276	315	335	319	256
Cashflow From Investing	12.0%	426	380	487	987	994
Cashflow From Financing	0.1%	-654	-655	-861	-1,399	-1,285
Dividend Payments	-0.4%	262	263	264	268	271
Buy Backs	-28.7%	151	212	314	409	341

Risks for SLG

What is the probability of a big loss on SLG?

55.4%

Probability that SL Green Realty stock will be more than 20% underwater in next one year

37.3%

Probability that SL Green Realty stock will be more than 30% underwater in next one year.

35%

Probability that SL Green Realty stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SLG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if SL Green Realty was unfortunately bought at previous high price.

Drawdowns

Returns for SLG

Cumulative Returns on SLG

-7.4%

10-Year Cumulative Returns

-12.5%

7-Year Cumulative Returns

-18.6%

5-Year Cumulative Returns

-20.8%

3-Year Cumulative Returns

What are the long-term rolling returns for SLG?

FIve years rolling returns for SL Green Realty.

Annualized Returns

Which funds bought or sold SLG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	110	481,849	1,111,850	-%
2023-03-06	Rockefeller Capital Management L.P.	added	92.68	21,000	52,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-87.15	-2,306,000	278,999	-%
2023-02-24	NATIXIS	new	-	15,655,300	15,655,300	0.09%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-68,000	353,000	-%
2023-02-21	KB FINANCIAL PARTNERS, LLC	sold off	-100	-1,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.9	-172,299	200,701	-%
2023-02-21	MACQUARIE GROUP LTD	added	42.89	119,925	1,102,920	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-28.57	-42,595	64,405	-%
2023-02-21	CENTERSQUARE INVESTMENT MANAGEMENT LLC	sold off	-100	-2,285,000	-	-%

Latest Funds Activity

Are funds buying SLG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SLG

No. of Funds

SL Green Realty News

Schedule 13G FIlings of SL Green Realty

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	14.68%	9,442,145	SC 13G/A
Feb 07, 2023	state street corp	5.83%	3,748,307	SC 13G/A
Jan 23, 2023	blackrock inc.	15.9%	10,257,395	SC 13G
Feb 14, 2022	price t rowe associates inc /md/	1.2%	857,222	SC 13G/A
Feb 14, 2022	state street corp	5.15%	3,438,086	SC 13G/A
Jan 27, 2022	blackrock inc.	14.6%	9,764,636	SC 13G/A
Jan 26, 2022	blackrock inc.	14.6%	9,764,636	SC 13G/A
Jul 01, 2021	pggm investments	4.33%	2	SC 13G
Apr 12, 2021	blackrock inc.	11.7%	8,143,758	SC 13G
Feb 16, 2021	price t rowe associates inc /md/	7.2%	5,264,117	SC 13G/A

SLG Fair Value

SL Green Realty fair value in different scenarios

The table shows the Fair Value estimates for SL Green Realty for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	25.53 -2.89%	29.74 13.12%	34.17 29.97%	53.26 102.59%	66.43 152.68%
Current Inflation	25.06 -4.68%	28.73 9.28%	32.63 24.12%	49.21 87.18%	60.52 130.20%
Very High Inflation	24.45 -7.00%	27.47 4.49%	30.75 16.96%	44.38 68.81%	53.56 103.73%

Historical SL Green Realty Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of SL Green Realty

View All Filings

Date Filed	Form Type	Document
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	8-K	Current Report
Feb 22, 2023	4	Insider Trading
Feb 17, 2023	10-K	Annual Report
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 08, 2023	4/A	Insider Trading
Feb 07, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for SLG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-03	HATKOFF CRAIG M	sold	-308,790	34.31	-9,000	-
2023-01-24	BURTON EDWIN T III	acquired	-	-	6,889	-
2023-01-24	ATKINS BETSY S	acquired	-	-	6,889	-
2023-01-24	HATKOFF CRAIG M	acquired	-	-	7,072	-
2023-01-24	Dillard Lauren B.	acquired	-	-	6,889	-
2022-12-14	LEVINE ANDREW S	gifted	-	-	-1,300	chief legal officer & gc
2022-10-28	LEVINE ANDREW S	gifted	-	-	-800	chief legal officer & gc
2022-10-19	HATKOFF CRAIG M	acquired	-	-	155	-
2022-07-18	HATKOFF CRAIG M	acquired	-	-	132	-
2022-04-21	HATKOFF CRAIG M	acquired	-	-	77.00	-

About SL Green Realty

Marc Holliday

www.slgreen.com

930

SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet. This included ownership interests in 28.6 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.

SLG Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental revenue, net	$ 671,500	$ 678,176	$ 804,423
Investment income	81,113	80,340	120,163
Other income	74,126	85,475	128,158
Total revenues	826,739	843,991	1,052,744
Expenses
Operating expenses, including related party expenses of $5,701 in 2022, $12,377 in 2021 and $12,643 in 2020	174,063	167,153	183,200
Real estate taxes	138,228	152,835	176,315
Operating lease rent	26,943	26,554	29,043
Interest expense, net of interest income	89,473	70,891	116,679
Amortization of deferred financing costs	7,817	11,424	11,794
Depreciation and amortization	215,306	216,869	313,668
Loan loss and other investment reserves, net of recoveries	0	2,931	35,298
Transaction related costs	409	3,773	503
Marketing, general and administrative	93,798	94,912	91,826
Total expenses	746,037	747,342	958,326
Equity in net loss from unconsolidated joint ventures	(57,958)	(55,402)	(25,195)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(131)	(32,757)	2,961
Purchase price and other fair value adjustments	(8,118)	210,070	187,522
(Loss) gain on sale of real estate, net	(84,485)	287,417	215,506
Depreciable real estate reserves and impairments	(6,313)	(23,794)	(60,454)
Loss on early extinguishment of debt	0	(1,551)	0
Net (loss) income	(76,303)	480,632	414,758
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	5,794	(25,457)	(20,016)
Net loss (income) attributable to noncontrolling interests in other partnerships	(1,122)	1,884	(14,940)
Preferred unit distributions	(6,443)	(7,305)	(8,747)
Net income (loss) attributable to SL Green/SLGOP	(78,074)	449,754	371,055
Perpetual preferred stock dividends	(14,950)	(14,950)	(14,950)
Net (loss) income attributable to SL Green common stockholders	$ (93,024)	$ 434,804	$ 356,105
Basic earnings per share (in dollars per share)	$ (1.49)	$ 6.57	$ 5.03
Diluted earnings per share (in dollars per share)	$ (1.49)	$ 6.50	$ 5.01
Basic weighted average common shares outstanding (in shares)	63,917	65,740	70,397
Diluted weighted average common shares and common share equivalents outstanding (in shares)	67,929	70,769	75,078

SLG Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Commercial real estate properties, at cost:

Land and land interests

$ 1,576,927

$ 1,350,701

Building and improvements

4,903,776

3,671,402

Building leasehold and improvements

1,691,831

1,645,081

Right of use asset - operating leases

1,026,265

983,723

Total commercial real estate properties, at cost

9,198,799

7,650,907

Less: accumulated depreciation

(2,039,554)

(1,896,199)

Total commercial real estate properties, net

7,159,245

5,754,708

Assets held for sale

140,855

Cash and cash equivalents

203,273

251,417

Restricted cash

180,781

85,567

Investments in marketable securities

11,240

34,752

Tenant and other receivables

34,497

47,616

Related party receivables

27,352

29,408

Deferred rents receivable

257,887

248,313

Debt and preferred equity investments, net of discounts and deferred origination fees of $1,811 and $5,057 and allowances of $6,630 and $6,630 in 2022 and 2021, respectively

623,280

1,088,723

Investments in unconsolidated joint ventures

3,190,137

2,997,934

Deferred costs, net

121,157

124,495

Other assets

546,945

262,841

Total assets

^[1]

12,355,794

11,066,629

Liabilities

Mortgages and other loans payable, net

3,227,563

1,394,386

Revolving credit facility, net

443,217

381,334

Unsecured term loans, net

1,641,552

1,242,002

Unsecured notes, net

99,692

899,308

Accrued interest payable

14,227

12,698

Other liabilities

236,211

195,390

Accounts payable and accrued expenses

154,867

157,571

Deferred revenue

272,248

107,275

Lease liability - financing leases

104,218

102,914

Lease liability - operating leases

895,100

851,370

Dividend and distributions payable

21,569

187,372

Security deposits

50,472

52,309

Liabilities related to assets held for sale

64,120

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities

100,000

Total liabilities

^[1]

7,260,936

5,748,049

Commitments and contingencies

Noncontrolling interests in Operating Partnership

269,993

344,252

Preferred units

177,943

196,075

SL Green stockholders' equity:

Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2022 and 2021

221,932

Common stock, $0.01 par value, 160,000 shares authorized and 65,440 and 65,132 issued and outstanding at December 31, 2022 and 2021, respectively (including 1,060 and 1,027 shares held in treasury at December 31, 2022 and 2021, respectively)

656

672

Additional paid-in-capital

3,790,358

3,739,409

Treasury stock at cost

(128,655)

(126,160)

Accumulated other comprehensive income (loss)

49,604

(46,758)

Retained earnings

651,138

975,781

Total SL Green stockholders' equity

4,585,033

4,764,876

Noncontrolling interests in other partnerships

61,889

13,377

Total equity

4,646,922

4,778,253

Total liabilities and equity/capital

$ 12,355,794

$ 11,066,629

[1]

(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $41.2 million and $193.4 million of land, $41.0 million and $336.9 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $15.4 million of right of use assets, $4.4 million and $11.7 million of accumulated depreciation, $599.2 million and $574.4 million of other assets included in other line items, $49.8 million and $418.9 million of real estate debt, net, $0.2 million and $0.8 million of accrued interest payable, $— million and $15.3 million of lease liabilities, and $146.4 million and $145.2 million of other liabilities included in other line items as of December 31, 2022 and December 31, 2021, respectively.