SL Green Realty Corp.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSL Green Realty Corp. is a self-managed REIT focused on owning, managing, and leasing office properties primarily in midtown Manhattan.
What they do
SL Green owns and operates commercial real estate, principally office properties, in the New York metropolitan area. As of June 30, 2026, it held interests in 54 buildings totaling 30.6 million square feet, including consolidated and unconsolidated properties, and managed four third-party buildings. The portfolio includes Manhattan office, retail, development/redevelopment, suburban office, residential, and an Alternative Strategy Portfolio of non-core assets.
Revenue drivers
- Manhattan Office Leasing — Largest segment; 17 consolidated and 10 unconsolidated office buildings totaling 23.97 million square feet as of June 30, 2026, with 94.8% weighted average leased occupancy.
- Retail Leasing — Smaller segment; 4 retail properties (351,264 square feet) as of June 30, 2026, with 86.5% occupancy.
- Suburban Office Leasing — 6 consolidated suburban office buildings (732,800 square feet) as of June 30, 2026, with 79.9% occupancy.
- Residential Leasing — 2 residential properties (444,739 square feet) as of June 30, 2026, with 99.4% occupancy.
Recent performance
Annual revenue grew from $861.3M in 2021 to $1.00B in 2025, though net income has been volatile: losses in 2022, 2023, and 2025, with a small profit in 2024. Operating cash flow declined from $256.0M in 2021 to $82.9M in 2025. Latest quarterly revenue was $253.1M for Q1 2026, down from $276.5M in Q4 2025. As of March 31, 2026, total assets were $11.76B, with shareholder equity of $3.54B and cash of $143.9M.
Strategy
SL Green focuses on maximizing value of Manhattan commercial properties through acquisition, development, redevelopment, and repositioning. It manages a core portfolio and an Alternative Strategy Portfolio of non-core assets. Recent 8-K filings indicate material agreements and unregistered equity sales, suggesting capital-raising and asset management activities. The company also manages third-party properties, indicating fee-based growth.
Risks
- Office demand decline — A significant majority of holdings are midtown Manhattan office properties; remote and hybrid work policies could reduce tenant demand and rental revenues.
- Lease expirations — Approximately 46.3% of consolidated rentable square feet and 9.3% of unconsolidated JV square feet expire by December 31, 2030, exposing the company to renewal and reletting risk.
- Economic concentration — Dependence on the New York metropolitan area economy makes results sensitive to local economic conditions.
- Debt service burden — Long-term debt of $3.23B (as of 2022) and total liabilities of $7.40B (Q1 2026) require consistent cash flow; declining operating cash flow could strain debt service and dividends.
Outlook
Management highlights continued office leasing activity in Manhattan, with occupancy improving from 93.0% (Dec 2025) to 94.8% (June 2026) for office properties. The company is managing lease expirations and repositioning assets. Recent 8-K events include equity sales and material agreements, indicating ongoing capital management and potential asset transactions.