SL GREEN REALTY CORP SLG
SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, primarily engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally in Manhattan, a borough of New York City. We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity.
As of December 31, 2025, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B | $886.3M | $913.7M | $919.5M | $861.3M | $1.05B | $1.24B | $1.23B | $1.51B | $196.9M |
| SG&A | $89.3M | $85.2M | $111.4M | $93.8M | $94.9M | $91.8M | $100.9M | $92.6M | $100.5M | $99.8M |
| Total operating expenses | — | — | — | — | — | — | — | — | — | $312.9M |
| Operating income | $651.9M | $730.6M | $598.7M | $605.6M | — | — | — | — | — | — |
| Interest expense | $215.6M | $196.3M | $228.8M | $166.5M | $145.2M | $185.9M | $246.8M | $236.7M | $257.0M | $321.2M |
| Pre-tax income | — | $30.9M | -$590.1M | -$73.7M | $483.4M | $372.3M | $271.9M | $250.1M | $165.0M | -$4.6M |
| Income tax | — | $700.0K | $9.2M | $2.6M | $2.8M | $1.2M | $1.5M | $2.8M | $4.3M | $2.8M |
| Net income | -$96.9M | $30.2M | -$599.3M | -$76.3M | $480.6M | $371.1M | $270.4M | $247.3M | $101.4M | $249.9M |
| EPS, basic | -1.61 | 0.08 | -9.12 | -1.49 | 6.57 | 5.03 | 3.29 | 2.75 | 0.88 | 2.35 |
| EPS, diluted | -1.61 | 0.08 | -9.12 | -1.49 | 6.50 | 5.01 | 3.28 | 2.75 | 0.87 | 2.34 |
| Shares, diluted (wtd. avg.) | $70.4M | $65.7M | $68.0M | $67.9M | $70.8M | $75.1M | $81.9M | $89.1M | $103.4M | $104.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $155.7M | $184.3M | $221.8M | $384.1M | $337.0M | $372.8M | $241.4M | $279.1M | $250.0M | $370.0M |
| Other intangibles | $141.1M | $181.1M | $4.8M | $213.5M | $17.1M | $25.1M | $27.0M | $25.5M | $48.8M | $240.2M |
| Total assets | $11.08B | $10.47B | $9.53B | $12.36B | $11.07B | $11.71B | $12.77B | $12.75B | $13.98B | $15.86B |
| Long-term debt | — | — | — | $3.23B | $1.39B | $1.98B | $2.18B | $1.96B | $2.84B | $4.07B |
| Total liabilities | $6.73B | $5.92B | $5.27B | $7.26B | $5.75B | $6.21B | $6.56B | $6.12B | $6.63B | $7.33B |
| Retained earnings | -$741.9M | -$449.1M | -$151.6M | $651.1M | $975.8M | $1.02B | $1.08B | $1.28B | $1.14B | $1.58B |
| Total equity | $3.67B | $3.95B | $3.86B | $4.65B | $4.78B | $4.94B | $5.52B | $5.95B | $6.59B | $7.75B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $82.9M | $129.6M | $229.5M | $276.1M | $256.0M | $554.2M | $376.5M | $441.5M | $543.0M | $644.0M |
| Depreciation and amortisation | $262.8M | $214.1M | $255.6M | $224.0M | $228.4M | $325.5M | $284.0M | $289.9M | $418.8M | $845.6M |
| Capital expenditure | — | — | — | — | — | — | $253.0M | $254.5M | $336.0M | $411.9M |
| Investing cash flow | -$330.8M | $118.8M | $171.3M | $425.8M | $993.6M | $1.06B | $114.5M | $681.7M | $22.0M | $1.97B |
| Financing cash flow | $252.8M | -$252.2M | -$449.4M | -$654.8M | -$1.29B | -$1.48B | -$528.6M | -$1.09B | -$685.0M | -$2.74B |
| Dividends paid | $242.6M | $218.8M | $230.9M | $262.1M | $271.1M | $294.0M | $306.4M | $313.2M | $333.5M | $314.1M |
| Buybacks | — | $0 | $0 | $151.2M | $341.4M | $528.5M | $384.4M | $979.5M | $806.3M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046866.
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