SLG-PINYSEReal Estate Investment TrustsUS GAAP · USD

SL Green Realty Corp

SL Green Realty Corp. is a self-managed real estate investment trust focused on owning, managing, developing, and financing commercial properties in the New York metropolitan area, with a concentration in Manhattan office buildings. Its portfolio also includes selected retail, development/redevelopment, and debt and preferred equity investments tied to the same market.

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Revenue1,003m USD
+13.2 %y/y
Operating profit (EBIT)652m USD
−10.8 %y/y
EBIT margin65.0%
−17.4 ppy/y
Net income-96.9m USD
−540.3 %y/y
Free cash flow82.9m USD
−36.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02505007501,0001,250m USD2020: 1,053 m USD20202021: 844 m USD20212022: 919 m USD2022: EBIT 606 m USD20222023: 914 m USD2023: EBIT 599 m USD20232024: 886 m USD2024: EBIT 731 m USD20242025: 1,003 m USD2025: EBIT 652 m USD20251,003652
RevenueOperating profit (EBIT)
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Business

Share of revenue
Office Properties70 %

Owned and leased office buildings, primarily in Manhattan and the New York metropolitan area.

Retail Properties5 %

Street-level and mixed-use retail space associated with the Manhattan portfolio.

Development and Redevelopment10 %

Projects under construction, repositioning, or redevelopment to create future rentable space.

Property Management and Leasing5 %

Management, leasing, and construction services for owned and joint venture properties.

Debt and Preferred Equity Investments10 %

Real estate-related lending and preferred equity positions secured by commercial assets.

Customers

SL Green's customers are primarily office tenants in Manhattan, including corporate occupiers that lease large blocks of space in premier buildings. The company also serves retail tenants in its street-level and mixed-use properties, and counterparties to its debt and preferred equity investments. Joint venture partners and institutional capital providers are also important because part of the platform is structured through unconsolidated investments and financing arrangements.

Office tenants

Businesses leasing office space in Manhattan for headquarters, regional offices, and client-facing operations.

Retail tenants

Merchants and service operators leasing retail frontage in Manhattan properties.

Real estate borrowers

Property owners or sponsors that obtain debt and preferred equity financing from the company.

Joint venture partners

Partners in unconsolidated properties and investments that share ownership and cash flows.

Strategy

The company focuses on maximizing long-term value through leasing, property management, acquisitions, redevelopment, and financing in its core Manhattan market. It also uses selective capital deployment into existing buildings, development projects, and real estate-related investments to deepen its local market position and create additional cash flow sources.

Maximize value from Manhattan office portfolioMedium term

The portfolio is concentrated in a single high-value market, so leasing and asset quality drive returns.

Redevelop and reposition selected propertiesMedium term

Upgrading assets can support higher rents and better long-term occupancy.

Maintain access to capital for acquisitions and projectsShort term

The business requires ongoing funding for property purchases, construction, and financing activities.

Geography

SL Green's business is concentrated in the New York metropolitan area, especially midtown Manhattan, where most of its office portfolio is located. The company also owns suburban properties outside Manhattan, but the Manhattan market remains the core operating geography and the main source of exposure to local leasing and valuation trends.

Risks

SL Green is exposed to office-market demand swings, tenant credit risk, and the concentration of its portfolio in Manhattan. Its development, financing, and retail activities add execution, interest-rate, and consumer-spending sensitivity, while REIT rules and leverage requirements shape capital allocation and distributions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Manhattan office market concentration1Interest-rate and refinancing risk2Tenant credit and bankruptcy risk3Development and redevelopment execution risk4Retail demand and tourism sensitivity5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Manhattan office market concentrationImpact: HighLikelihood: High

    Most properties are in one submarket, so local demand shocks can affect the portfolio broadly.

    ExposureOffice leasingValuationsOccupancy
  2. Interest-rate and refinancing riskImpact: HighLikelihood: High

    Property and corporate financing costs move with market rates and credit spreads.

    ExposureDebt serviceFair valueLiquidity
  3. Tenant credit and bankruptcy riskImpact: HighLikelihood: Medium

    A small number of large tenants account for a meaningful share of annualized cash rent.

    Exposure: Rental collections and renewal risk

  4. Development and redevelopment execution riskImpact: MediumLikelihood: Medium

    Construction delays or cost overruns can defer returns and increase project costs.

    Exposure: Capital expenditures and project timelines

  5. Retail demand and tourism sensitivityImpact: MediumLikelihood: Low

    Retail tenants depend on consumer spending, confidence, and Manhattan foot traffic.

    Exposure: Retail occupancy and rent levels

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Accounting

Judgemental items
Property capitalization and depreciation

Development, redevelopment, and tenant improvements are capitalized and depreciated over time, affecting reported earnings.

Impact: Timing of expense recognition and asset carrying values

Derivative fair value accounting

Interest-rate hedges and other derivatives are remeasured to fair value, creating earnings volatility.

Impact: Income statement and OCI volatility

Debt fair value and interest-rate sensitivity

Fixed- and variable-rate borrowings respond differently to market rates and can affect valuation disclosures.

Impact: Balance sheet valuation and financing cost analysis

Impairment and valuation of real estate investments

Office market weakness can require downward valuation judgments on properties or investments.

Impact: Potential write-downs and reduced book value

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Last updated: 24/09/2026