# SL Green Realty Corp. (SLG)

> Source: Nexqual · https://nexqual.com/SLG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SL Green Realty Corp. (SLG), nexqual.com/SLG" · informational, not investment advice.

**Price:** USD 49.19 (+5.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 46.68 · day 45.45–49.69 · 52w 34.77–60.09 · market cap $3.77B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.04B, net income -$176M (-16.9% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $2.3M; 1 not under a Rule 10b5-1 plan ($2.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.47 on a 1–5 scale) (17 analysts), mean target USD 56.32 (range 43–70).
- Total return with dividends: 1Y +0.2% vs S&P 500 +14.9%; 5Y -5.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.12, revenue estimate $171M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $861M | $919M | $914M | $886M | $1.00B | $1.04B |
| Operating income | — | $606M | $599M | $731M | $652M | $692M |
| Net income | $450M | -$78.1M | -$565M | $22.0M | -$96.9M | -$176M |
| EPS (diluted) | $6.50 | -$1.49 | -$9.12 | $0.08 | -$1.61 | — |
| Operating margin | — | 65.9% | 65.5% | 82.4% | 65.0% | 66.6% |
| Net margin | 52.2% | -8.5% | -61.8% | 2.5% | -9.7% | -16.9% |
| Revenue growth | -18.2% | +6.8% | -0.6% | -3.0% | +13.2% | — |
| Cash + short-term investments | $251M | $203M | $222M | $184M | $156M | — |
| Total debt | $1.39B | $3.23B | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 3.6x · P/B 1.1x · Earnings yield -4.65% · Dividend yield (paid, TTM) 4.64%
P/E at fiscal year-ends: Dec 2024 202.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20…2026-08-21 | Sitomer Harrison | PRESIDENT & CIO | 40,000 | $2.3M | 26.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.47 on a 1–5 scale), 17 analysts; mean target USD 56.32 (low 43, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $79 → $64 |
| 2026-09-21 | Evercore ISI Group | Target raised | In-Line | $58 → $60 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Outperform | $60 → $59 |
| 2026-09-08 | Barclays | Target raised | Equal-Weight | $52 → $54 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $44 → $56.5 |
| 2026-08-25 | JP Morgan | Target raised | Neutral | $51 → $61 |
| 2026-08-24 | Truist Securities | Target raised | Hold | $46 → $57 |
| 2026-08-05 | Scotiabank | Target raised | Sector Outperform | $56 → $60 |
| 2026-07-27 | BMO Capital | Target raised | Outperform | $52 → $60 |
| 2026-07-24 | Citigroup | Target raised | Buy | $45 → $60 |
| 2026-07-24 | Piper Sandler | Target raised | Overweight | $65 → $79 |
| 2026-07-22 | Morgan Stanley | Target raised | Equal-Weight | $36 → $52 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.2% | -5.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.2% | -1.0% |
| Volatility (annualized) | 38.2% | 44.1% |
| Max drawdown | -32.9% (Oct 2025→Mar 2026) | -73.3% (Jan 2022→Mar 2023) |

## Peers (REIT - Office)
HIW (Highwoods Properties, Inc.) USD 30.47 +4.24% · CDP (COPT Defense Properties) USD 33.83 +2.24% · KRC (Kilroy Realty Corporation) USD 35.96 +4.44% · CUZ (Cousins Properties Incorporated) USD 28.67 +3.39% · DEI (Douglas Emmett, Inc.) USD 10.09 +5.88% · VNO (Vornado Realty Trust) USD 34.34 +4.41%

## More
Full page: https://nexqual.com/SLG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SLG's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1040971/000162828026008669/slg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Service | "We, through our Operating Partnership, receive substantially all of the cash flow from the Service Corporation's operations." |
| Partner | Preferred Units of | "In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Real Estate | $215.1M | 81.5% | +17.2% | $159.9M | 74.4% |
| SUMMIT | $31.5M | 11.9% | +1.6% | — | — |
| DPE | $17.4M | 6.6% | -36.5% | — | — |
| Total revenue | $264.0M | 100% | — | $159.9M | 60.6% |

## Company outlook (8-K filed 2026-10-22)

- "The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share."
- "The transaction, which is expected to close in the fourth quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $216.0 million that will be used for corporate debt repayment."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.12 | $-0.19 | -162.4% | $170.7M | 3 |
| Next quarter (ends 2027-03-31) | $-0.29 | $-0.51 | -42.5% | $162.7M | 1 |
| Current fiscal year (ends 2026-12-31) | $-1.76 | $-2.02 | -12.9% | $713.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.87 | $-1.75 | -50.0% | $676.3M | 2 |