At a glance
SL Green Realty Corp is worth $3.47B. Revenue grew 13.2% to $1.00B in fiscal 2025, at a loss; over 3 years it has grown 2.9% a year. It pays a 4.86% dividend yield, and returned $1.72B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.0% over the past year with dividends reinvested and −1.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.3% in the 2020 crash (S&P 500: 33.7%) and 53.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 23 months after the lows.
The business in plain English
SL Green Realty Corp. is a real estate investment trust, or REIT. A REIT is a company that owns income-producing property and generally must pay out most of its taxable income as dividends. SL Green calls itself Manhattan's largest owner of office real estate. It rents office space to businesses, mostly in midtown Manhattan. It also owns some retail and residential buildings and invests in loans and related positions tied to properties, mainly in New York City.
As of December 31, 2025, its core portfolio held 44 properties with about 26.2 million square feet, and 92.6% of that space was leased. Manhattan offices made up 26 of those buildings and about 23.3 million square feet. Ten of those office buildings, with about 13.9 million square feet, are held in joint ventures, where SL Green shares ownership with partners. Six suburban office buildings were 79.4% leased.
Rent drives revenue. For the year ended December 31, 2025, the Real Estate segment produced 78.6% of the company's roughly $1.0 billion in revenue, which rose 13.2% from the prior year. A segment the company reports as SUMMIT added 12.2%. The debt and preferred equity segment added 9.2%. It earns income from loans and from preferred equity, an investment that ranks behind a property's loans but ahead of its owners.
Price history
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SLG -3.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Real Estate Segment | $788.6M | 78.6% |
| SUMMIT Segment | $122.3M | 12.2% |
| DPE Segment | $92.1M | 9.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $264.0M, up 9.1% from a year earlier, and net income was $-22.8M.
- For fiscal 2025, revenue was $1.00B (+13.2% year over year; +2.9% a year from FY2022 to FY2025) with a -9.7% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +2.9% watch |
|---|---|
| Operating margin | 65% good |
| Return on equity (FY2025) | -2.6% weak |
| Return on assets (FY2025) | -0.9% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.05B | $371.1M | — |
| FY2021 | $861.3M | $449.8M | — |
| FY2022 | $919.5M | $-78.1M | — |
| FY2023 | $913.7M | $-564.6M | — |
| FY2024 | $886.3M | $22.0M | — |
| FY2025 | $1.00B | $-96.9M | — |
Valuation snapshot
| Market value | $3.47B |
|---|---|
| P/E ratio | — |
| Dividend yield | 4.86% |
Rank among 1514 US companies
Market value at each year end
SL Green Realty’s market value went from $11.23B at the end of 2016 to $3.47B on Oct 28, 2026, down 69%; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.47B | +6.5% |
| 2025 | $3.26B | -26.9% |
| 2024 | $4.46B | +53.2% |
| 2023 | $2.91B | +34.2% |
| 2022 | $2.17B | -56.0% |
| 2021 | $4.93B | +10.7% |
| 2020 | $4.46B | -41.3% |
| 2019 | $7.59B | +9.2% |
| 2018 | $6.95B | -32.0% |
| 2017 | $10.22B | -9.0% |
| 2016 | $11.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SLG price data to Oct 28, 2026 | +11.3% | -3.0% | +25.4% | -1.3% | -1.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.3% |
| 2025 | -29.0% |
| 2024 | +58.2% |
| 2023 | +48.4% |
| 2022 | -51.0% |
| 2021 | +26.5% |
| 2020 | -29.1% |
| 2019 | +20.9% |
| 2018 | -18.8% |
| 2017 | -3.3% |
| 2016 | -2.0% |
| 2015 | -3.0% |
| 2014 | +31.4% |
| 2013 | +22.6% |
| 2012 | +16.6% |
| 2011 | -0.5% |
| 2010 | +35.3% |
| 2009 | +101.7% |
| 2008 | -71.0% |
| 2007 | -27.8% |
| 2006 | +77.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 92% over that stretch · deepest drop along the way 92.6%, back to its old high 62 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.2% over that stretch · deepest drop along the way 56.3%, back to its old high 14.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.7% over that stretch · deepest drop along the way 53.2%, back to its old high 23.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($3.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Harrison Sitomer PRESIDENT & CIO | sell | $1.3M |
| Aug 20, 2026 | Harrison Sitomer PRESIDENT & CIO | sell | $988K |
| Dec 23, 2025 | Marc Holliday PRESIDENT & CEO, Director | sell | $987K |
| Mar 30, 2026 | Carol N Brown Director | sell | $182K |
| Aug 21, 2026 | Harrison Sitomer PRESIDENT & CIO | sell | $41K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 10.03% | Jan 30, 2026 |
| Cohen & Steers, Inc. | 8.76% | Jun 30, 2026 |
| Yet Daniel | 5.8% | Oct 1, 2026 |
| STATE STREET CORPORATION | 5.7% | Mar 31, 2026 |
| Vanguard Capital Management | 5.34% | Mar 31, 2026 |
ETFs with the most weight in SLG
| DESK VanEck Office and Commercial REIT ETF | 8.67% |
| NXTE AXS Green Alpha ETF | 2.35% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.12% |
| BLDG Cambria Global Real Estate ETF | 1.08% |
| NIXT Research Affiliates Deletions ETF | 0.82% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.47% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.42% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.42% |
What could go wrong
- Heavy reliance on Manhattan office demand. Most of its property holdings are midtown Manhattan offices. A weaker New York economy, or tenants cutting space because of hybrid and remote work, could reduce rents, property values and cash for debt and dividends.
- Five buildings produce over a third of rent. One Vanderbilt Avenue, 11 Madison Avenue, 420 Lexington Avenue, 1515 Broadway and 245 Park Avenue made up 36.6% of annualized cash rent as of December 31, 2025. Trouble at any one would weigh on results.
- Many leases expire by 2030. As of December 31, 2025, leases on about 46.3% of rentable space at buildings on its own balance sheet were set to expire by the end of 2030. Renewals may bring lower rents or costly upgrades.
- Some buildings sit on leased land. Buildings on long-term land leases produced 15.9% of annualized cash rent as of December 31, 2025. Unless it extends the leases or purchases the land, SL Green loses these buildings when the leases end, between 2043 and 2119.
- Debt load and higher interest rates. Total debt was about $4.33 billion as of June 30, 2026, against $181 million of cash and investments. Higher rates, loan covenants (limits set by lenders) and reliance on outside capital could strain cash flow.
- Partners share control of many buildings. As of December 31, 2025, ten Manhattan office buildings were held in joint ventures. SL Green lacks sole decision-making power there, depends on partners' finances, and some agreements have terms that favor the partners.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Unregistered sale of shares
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Major agreement signed; Unregistered sale of shares
For income and retirement investors
SL Green pays a dividend, but the record is uneven. Dividends per share fell each year from about $6.27 in 2021 to $3.01 in 2024, then rose to $3.09 in 2025, so its streak of increases is one year. From 2020 to 2025, regular dividends shrank about 8.9% a year. The 2025 dividend was paid despite a net loss of $1.61 per share. Depreciation, an accounting charge that uses no cash, lowers a REIT's reported earnings. The yield was 4.86% as of October 28, 2026. SL Green spent about $493 million on buybacks from 2021 to 2025, with none in 2023 or 2024. Even so, its share count rose 6.2% between November 2021 and August 2026.
The shares have fallen hard in downturns. They dropped 92.6% in the 2008 financial crisis and took 62 months after the low to recover. They fell 56.3% in the 2020 COVID crash and 53.2% in the 2022 bear market. A single stock carries more risk than a diversified fund.
Questions investors ask
How does SL Green make money?
Mostly by renting out office space in Manhattan. For the year ended December 31, 2025, its Real Estate segment produced 78.6% of roughly $1.0 billion in revenue. A segment the company reports as SUMMIT added 12.2%. The debt and preferred equity segment added 9.2%. It invests in loans and similar positions tied to properties, mainly in New York City. SL Green also earns income from managing, leasing and construction work for joint-venture properties and other owners.
Does SL Green raise its dividend every year?
No. Dividends per share fell each year from about $6.27 in 2021 to $3.01 in 2024, then rose to $3.09 in 2025. That makes its streak of increases one year. From 2020 to 2025, regular dividends per share shrank about 8.9% a year. The dividend yield was 4.86% as of October 28, 2026. A yield compares annual dividends with the share price, so a falling price can push the yield up.
Is SL Green hurt by remote work?
Remote work is a risk the company itself flags. Its annual report (Form 10-K) warns that hybrid and remote work could lead office tenants to rethink how much space they need. As of December 31, 2025, its Manhattan office buildings were 93.0% leased, meaning tenants had leased 93% of the space. Its suburban offices were 79.4% leased. A separate group of five properties, which it calls the Alternative Strategy Portfolio, was 59.3% leased.
How has SL Green stock performed over the long run?
It has lost ground over five and ten years, with large swings along the way. As of October 28, 2026, its price-based return was about -1.3% a year over both periods, a total loss of about 6% and 12%. Over three years it returned about 25.4% a year. Calendar-year results swung from -51% in 2022 to +48% in 2023 and +58% in 2024, then -29% in 2025. The year-to-date return was 11.3% as of October 28, 2026.
How much debt does SL Green have?
About $4.33 billion as of June 30, 2026. On that date it held $180.8 million of cash and investments, and its equity (assets minus liabilities on the balance sheet) was $3.42 billion. Total assets were $11.8 billion. The company's annual report lists debt-related risks, including high interest rates, scheduled debt payments, loan covenants and its reliance on outside sources of capital. Its stock market value was about $3.47 billion as of October 28, 2026.