How does sl green realty make money?

sl green realty generates $1.0B in annual revenue (annual revenue · their business grew +13.2% last year).

What is SLG's XVARY composite score?

sl green realty (SLG) has an XVARY composite score of 35/100, rated weak. This combines growth, value, risk, and momentum factors.

SLG — sl green realty stock analysis

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what it is

SL Green owns and runs office buildings in Manhattan and collects rent from tenants.

how it gets paid

Last year Sl Green Realty made $1.0B in revenue.

why it's growing
Revenue grew 13.2% last year. EDGAR shows latest-quarter revenue of $727M, up 197% vs. prior year.

what just happened

SL Green missed with a -$1.49 last print versus -$0.73 expected.

At a glance

B balance sheet — gets the job done, barely

10/100 earnings predictability — expect surprises

6.8% dividend yield — cash in your pocket every quarter

3.0% return on capital — nothing to write home about

xvary composite: 35/100 — weak

What they do

SL Green owns and runs office buildings in Manhattan and collects rent from tenants.

You are buying 25 Manhattan office buildings, not a generic landlord. Same-site occupancy hit 92.5%, up from 90.0% in 2023, so the floors are fuller than last year. That is the whole game: keep your spaces rented, keep your rent checks coming, and hope the -$1.25 EPS forecast does not get worse.

real-estate small-cap reit manhattan dividend

How they make money

$1.0B annual revenue · their business grew +13.2% last year

total revenue

$1.0B

+13.2%

The products that matter

leases manhattan office space

Manhattan Office Leasing

$1.0B revenue · entire business

it's the whole company. This single business produced $1.0B in revenue last year, so your upside and your risk both run through Manhattan office demand.

100% of revenue

Key numbers

6.8%

dividend yield

You get $6.80 a year for every $100 invested, while 2026 earnings are still forecast to be negative.

92.5%

occupancy

This is the fill rate on Manhattan offices. Higher occupancy means more rent checks and less dead space.

$1.25

fy2026 eps

The company is still expected to lose money next year, which makes the dividend look generous and fragile at the same time.

$54

target price

VL's 18-month target sits above the current $45.59 price, so the market is not pricing total despair.

Financial health

B

strength

balance sheet grade B — adequate — nothing special
risk rank 3 — safer than 50% of stocks
price stability 30 / 100
net profit margin 19.1% — keeps 19 cents of every dollar in revenue
return on equity 5% — $0.05 profit for every $1 investors have put in

B — functional but not a standout on the balance sheet.

Total return vs. market

You invested $10,000 in SLG 3 years ago → it's now worth $15,770.

The index would have given you $13,920.

same period. same starting point. SLG beat the market by $1,850.

source: institutional data · total return

What just happened

missed estimates

SL Green missed with a -$1.49 last print versus -$0.73 expected.

EDGAR shows latest-quarter revenue of $727M, up 197% vs. prior year. The consensus snapshot says the quarter still landed well below estimates, so the business is growing while earnings stay ugly.

$727M

revenue

$1.49

eps

197%

revenue vs. last year

the number that mattered

Revenue at $727M mattered more than the loss, because sales jumped 197% while profit stayed negative.

sl green’s results have been a mixed bag for much of 2025. (the office reit is expected to report december-period financials in late january.) during the first three quarters, revenues advanced 13.5% from the same span in 2024, to a total of $726.6 million.
solid rental revenues (+10.6%), investment income (+41.6%), and interest income from real estate loans (a tenfold increase) more than offset a top-line decline in the summit one vanderbilt segment.

however, funds from operations (ffo) dropped from an aggregate of $6.25 per share in the first nine months of 2024, to $4.44 in the comparable 2025 period.
rising expenses (+14.8%), most the cost of capital (+26.7%), were the main reason.
for full-year 2025, we look for revenues to advance 8%–9% to $960 million, but ffo will likely retreat sharply from last year’s standout figure, falling to $5.80 per share.
on the plus side, the company’s operating metrics remain decent.

source: company earnings report, 2026

What could go wrong

the #1 risk is manhattan office demand staying structurally weaker than pre-remote-work norms.

∘

med

manhattan office demand

SLG gets 100% of its $1.0B revenue from one business: New York office properties. If leasing demand stays structurally softer, there is no other segment to offset it.

This is a full-income-statement risk. Lower occupancy or weaker rents hit the entire revenue base.

∘

med

cost of capital staying high

Expenses rose 14.8% and cost of capital climbed 26.7%. For a leveraged real estate model, that matters almost as much as leasing demand.

The damage already showed up in first-nine-month FFO, which fell from $6.25 per share to $4.44 despite revenue growth.

∘

med

earnings volatility and dividend pressure

Earnings predictability is 10/100, price stability is 30/100, and full-year EPS moved from $0.08 to -$0.85. That is not a smooth payout backdrop.

A 6.8% yield looks attractive until the market starts questioning how durable the cash flow behind it really is.

These risks all hit the same engine: a single $1.0B office portfolio, expected full-year FFO of $5.80 per share, and a yield that only feels safe if cash earnings stabilize.

source: institutional data · regulatory filings · risk analysis

Pay attention to

calendar

late-january earnings release

The next report needs to show whether the revenue resilience in 2025 can translate into cleaner FFO and less earnings noise.

risk

cost of capital

Expenses rose 14.8% and cost of capital rose 26.7%. If that stays elevated, office improvement has less room to show up in cash earnings.

metric

ffo per share

$6.25 fell to $4.44 in the first nine months. That trend matters more than headline revenue growth for a REIT.

trend

manhattan leasing momentum

This is a one-city, one-asset-class story. Any improvement or deterioration in office demand flows straight through the thesis.

Analyst rankings

short-term outlook

bottom 5%

momentum score 5 — the lowest rating. in human-speak, analysts expect this to lag most stocks near term.

risk profile

average

stability score 3 — roughly middle of the road. Not especially safe, not uniquely dangerous.

chart momentum

average

technical score 3 — the chart is not giving you a clean signal either way.

earnings predictability

10 / 100

This is what messy office fundamentals look like in a ranking system. Expect surprises, not smooth quarterly progress.

source: institutional data

Institutional activity

institutions have been net buying for 2 consecutive quarters — 164 buyers vs. 155 sellers in 3q2025. total institutional holdings: 63.5M shares. net buying for 2 quarters.

source: institutional data · 1q2025-3q2025

source: institutional data

Price targets

3-5 year target range

$32 $75

$46 current price

$54 target midpoint · +18% from current · 3-5yr high: $100 (+120% · 25% ann'l return)

source: institutional data · analyst targets

The deep dive

SLG

xvary deep dive

slg

the full analysis is in the works.

what you'll get

dcf valuation model

bull / base / bear scenarios

competitive moat breakdown

quarterly earnings tracker

operating model projections

risk matrix with kill criteria

original price target + conviction

updated with every earnings

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