SL Green Realty Corp. research snapshot
SLG AI stock analysis reads SL Green Realty Corp as Manhattan largest office landlord, with interests in 54 buildings totaling 30.6 million square feet as of June 30, 2026, anchored by the One Vanderbilt tower. The story changed materially in July 2026: second-quarter FFO of $1.43 per share beat consensus by about 20%, Manhattan same-store office occupancy rose to 94.7% including signed leases not yet commenced, replacement lease mark-to-market was up 18.0%, and the company raised its 2026 FFO guidance to $5.60 to $5.90 per share from $4.40 to $4.70. At the August 3, 2026 cutoff, SLG traded around $53.93, market capitalization was about $4.12 billion on 76.4 million shares and units, and the 52-week range is $34.77 to $66.29. The stock now sits above both its 50-day moving average near $49.62 and its 200-day moving average near $45.37. Consolidated debt fell to $4.55 billion and asset sales are recycling capital, but GAAP net income remains negative, interest coverage is thin, and the dividend was reduced to an annualized $2.47 per share. The AI stock forecast is scenario-based and not a single price prediction. This page is informational research and not investment advice.
Current price
$53.93
Market cap
$4.12 billion
AI score
55 / 100
Rating
Manhattan office landlord in a beat-and-raise recovery quarter with occupancy at 94.7%, positive mark-to-market leasing, and raised 2026 FFO guidance, offset by high leverage, GAAP losses, and a price already above the average analyst target
Trend status
Above both the 50-day and 200-day moving averages as of August 3, 2026
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | SL Green owns and manages Manhattan office properties anchored by the One Vanderbilt flagship. As of June 30, 2026 it held interests in 54 buildings totaling 30.6 million square feet, including 29.2 million square feet of ownership and 1.4 million square feet securing debt and preferred equity investments, and managed four third-party buildings. Q2 2026 showed real improvement: 53 Manhattan office leases signed, average replacement rent up 18.0% over prior fully escalated rents, and same-store cash NOI up 4.3%. | Medium |
| Moat | The moat is moderate and comes from the scarcity of prime Manhattan office locations, the One Vanderbilt competitive position, developer relationships, and institutional New York City market knowledge. Morningstar keeps its economic moat assessment behind subscription, but has not assigned a wide moat; capital can still flow to competing developments and office demand remains structurally uncertain. | Low-medium |
| Management | Chairman and CEO Marc Holliday has led SL Green since the late 1990s and is a significant shareholder. The Q2 record supports execution: sale of the 7 Dey Street residential and retail components for $222.6 million, sale of a 49% joint venture interest in 346 Madison Avenue for net proceeds of $94.9 million, a contract to sell 10 East 53rd Street for $312.2 million, and $14.1 million of share repurchases at an average price of $49.67. The key test is whether further capital recycling and leasing reduce leverage and restore coverage of the reduced dividend. | Medium |
| Financial trend | Revenue TTM is about $999 million and net income available to common stockholders TTM is negative at about -$192 million. Q2 2026 total revenue was $264.0 million, up from $241.9 million a year earlier, with a net loss of $0.38 per share and FFO of $1.43 per share, beating consensus of $1.19. Management raised 2026 FFO guidance to $5.60 to $5.90 per share and 2026 net income guidance to $0.20 to $0.50 per share. | High |
| Valuation | At $53.93, SLG trades near 10.9x price to FFO, 4.13x price to sales, 1.17x price to book, and a forward dividend yield of about 4.6%. The trailing P/E is not meaningful because GAAP earnings are negative. The average analyst price target is $54.67 with a range of $38 to $79, so the stock is near consensus fair value after the July rally and needs continued FFO delivery to justify higher prices. | Medium |
| Technical trend | SLG is above both its 50-day moving average near $49.62 and its 200-day moving average near $45.37, a clear improvement versus earlier in 2026. RSI near 56.7 is neither overbought nor oversold. The 52-week range of $34.77 to $66.29 frames the trading band, and the stock has recovered strongly from the lows while remaining well below the 52-week high. | Medium |
| Risk level | Risk is elevated but improved from a year ago. Consolidated debt fell to $4.55 billion, yet debt to equity is still about 1.4x and GAAP losses continue. Morningstar reports interest coverage near 0.15x while stockanalysis.com shows 0.42x depending on methodology. Physical occupancy remains well below pre-pandemic levels, short interest is about 13.65% of shares outstanding, and a dividend reduction shows the payout is not yet fully covered by cash flow. | Medium-high |
| AI confidence | High for company-reported Q2 2026 and first-half 2026 financials, price, market cap, valuation ratios, dividend data, analyst price targets, and technical inputs. Medium for future leasing absorption, interest rate paths, physical return-to-office trends, asset sale prices, and whether the raised FFO guidance is sustained. | High data confidence |
| Investment certainty | Low to medium certainty. SLG has a well-understood portfolio, verifiable Q2 results, and rising guidance, but the office sector outlook, leverage, GAAP losses, and a reduced dividend still create a high bar for a durable recovery investment thesis. | Low-medium |
SLG AI stock forecast
The SLG AI stock forecast uses Q2 2026 results, the raised 2026 FFO guidance of $5.60 to $5.90 per share, occupancy, leasing volume and spreads, same-store cash NOI, asset sale proceeds, interest rates, Manhattan office demand, and analyst price targets rather than a deterministic price prediction. The bullish case becomes more likely if occupancy approaches the 95% year-end target, mark-to-market leasing stays positive, asset recycling keeps reducing net debt, interest rates decline, and FFO lands in the upper half of guidance. The bearish case becomes more likely if leasing slows, GAAP losses widen, debt maturities strain refinancing, physical occupancy stalls, or the stock loses the 200-day moving average support near $45.
$62 to $79
More likely if Manhattan same-store occupancy reaches 95% by year-end 2026, replacement lease spreads stay positive, the 10 East 53rd Street sale closes in Q3 and proceeds cut debt, FFO runs above the $5.90 top of guidance, and office REIT multiples re-rate. Piper Sandler raised its target to $79 in July 2026, near the top of sell-side targets.
$50 to $60
More likely if leasing continues at the H1 2026 pace, occupancy holds near 94% to 95%, FFO lands inside the raised guidance range, the dividend is maintained, and the stock holds above the 50-day moving average. The average analyst target of $54.67 and July 2026 targets from BMO, Citi, and BofA in the $60 to $61 range frame this scenario.
$42 to $48
More likely if leasing momentum fades, GAAP losses widen, asset sales fail to close or generate lower proceeds, interest rates rise, the dividend comes under renewed pressure, or the stock breaks below the 200-day moving average near $45.37. A recession or an acceleration of work-from-home and AI-driven white-collar job displacement would increase bear-case probability.
SLG AI technical analysis
SLG AI technical analysis starts from an intraday price near $53.93 on August 3, 2026, after a July 31 close of $52.93. The stock is above both the 50-day moving average near $49.62 and the 200-day moving average near $45.37, a bullish structure. RSI near 56.7 and the 52-week range of $34.77 to $66.29 frame the trading band. Levels should be checked against the next earnings date estimated for October 21, 2026, Manhattan office leasing data, interest rate moves, and REIT sector flows.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $53.93 | Intraday level on August 3, 2026; July 31, 2026 close was $52.93. |
| Near support | $49.5 to $50.5 | This zone includes the 50-day moving average near $49.62. Holding above it keeps the near-term uptrend intact. |
| Secondary support | $45 to $46.5 | The 200-day moving average near $45.37 sits in this zone. A daily close below it would signal a trend breakdown after the July advance. |
| Resistance | $54.5 to $56 | This zone marks the early August consolidation high area and previous seller interest. A breakout would need volume and positive leasing or interest rate news. |
| Major resistance | $60 to $66.5 | The 52-week high of $66.29 is the major resistance. Targets from BMO, Citi, and BofA cluster near $60 to $61, making that the first major hurdle. |
| 50-day moving average | ~$49.62 | SLG trades above it as of August 3, 2026. Holding above this level supports the short-term trend. |
| 200-day moving average | ~$45.37 | The 200-day MA is below the current price. This is a structural improvement versus earlier 2026 when price was under this average. |
| Momentum | Moderately positive | RSI near 56.7 on the daily timeframe reflects positive but not extreme momentum after the July rally. |
| Volume | 20-day average near 1.1 million shares | Volume has been below the average on recent up days. A breakout above $54.5 to $56 would be more credible with expanding volume. |
| Volatility | Beta 1.57 to 1.59 | SLG has higher beta than the broad market and the REIT sector average, meaning larger drawdowns in risk-off environments and sharper rallies in recoveries. |
| Invalidation | Daily close below $45 or FFO guidance cut | A break below the 200-day moving average near $45 or a reduction in the raised FFO guidance would weaken the recovery case. Weak leasing or a dividend cut would also invalidate the bullish technical structure. |
SLG AI trading strategy
The SLG AI trading strategy is a rules-based framework, not personalized advice. It should be monitored through live price action, the 50-day and 200-day moving averages, Q3 2026 earnings estimated for October 21, 2026, leasing volume and spreads, occupancy, asset sale closings, interest rate decisions, and portfolio NOI trends.
Watch whether SLG can hold above the 50-day moving average near $49.62 and clear resistance at $54.5 to $56 with expanding volume. A sustained move above $56 on positive leasing news or interest rate relief would target the $60 to $61 analyst cluster and then the $66.29 52-week high.
Reduce confidence if price fails at $56, if volume contracts on up days and expands on down days, if the stock loses the 200-day moving average near $45.37, or if office REIT peers weaken together on sector headwinds.
Use pullbacks toward the $49.5 to $50.5 zone near the 50-day moving average as a watchlist condition only if Q3 2026 results confirm FFO is tracking the raised guidance, occupancy stays near 94% to 95%, and no dividend-related concerns emerge.
Do not treat the price-to-book multiple or the dividend yield as a floor. Office REIT valuations can stay below book value for extended periods when secular uncertainty is high, and the reduced dividend is not yet fully covered by cash flow.
Track FFO per share against the raised $5.60 to $5.90 guidance, Manhattan same-store occupancy toward the 95% target, replacement lease spreads, same-store cash NOI growth, net debt and consolidated debt, asset sale proceeds, the 10 East 53rd Street closing, dividend coverage, and short interest.
A mix of slowing leasing, occupancy decline, negative mark-to-market, GAAP losses widening, asset sale delays, rising interest costs, a break below $45, or a dividend cut would override a bullish chart setup.
Investment research summary
SL Green is paid to own, lease, develop, and manage Manhattan office buildings. Tenants pay rent for physical workspace, and SLG converts property cash flow into dividends and incremental development, debt fund, and investment returns. The flagship One Vanderbilt generates premium rent, and a $1.3 billion opportunistic debt fund adds a lending income stream.
The competitive position comes from prime Manhattan locations, development expertise demonstrated by One Vanderbilt, institutional relationships, joint venture partnerships such as the 346 Madison Avenue deal with Mori Building, and the scale of 30.6 million square feet. The moat is narrower than pre-pandemic because hybrid work has reduced the pricing power of even well-located office space.
The thesis can fail if return-to-office trends stall, interest rates stay elevated, physical occupancy stays well below pre-pandemic levels for years, tenant credit losses increase, debt maturities cannot be refinanced on favorable terms, the reduced dividend is cut again, asset sales generate less than expected, book value continues to decline, or the raised FFO guidance proves too optimistic.
CEO Marc Holliday has led SL Green since 1997 and is aligned through significant personal share ownership. Q2 2026 showed active capital recycling with three property transactions, opportunistic debt fund deployment, and $14.1 million of buybacks. The main test is whether leasing momentum and asset sales can keep reducing leverage and eventually restore dividend coverage.
The office sector is stabilizing after a painful cycle. Manhattan same-store occupancy rose to 94.7% as of June 30, 2026 including signed leases not yet commenced, and the company targets 95% by year-end. Leasing spreads turned positive. Premium Class A buildings like One Vanderbilt and 11 Madison Avenue are outperforming, while AI and technology tenants signed notable leases in July 2026, including a 98,420-square-foot 10-year lease at 11 Madison Avenue.
At $53.93, SLG trades near 10.9x price to FFO, 1.17x book value, and a forward dividend yield of about 4.6%. The valuation is reasonable versus the raised FFO guidance but not cheap: the stock is near the $54.67 average analyst target and above the $52.93 July 31 close, so the July rally has pulled forward much of the recovery. A full recovery needs FFO per share to sustainably cover the reduced dividend and continued deleveraging.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| SLG price | $53.93 intraday on August 3, 2026; $52.93 close on July 31, 2026 | Yahoo Finance SLG summary and stockanalysis.com | August 3, 2026 |
| Market capitalization | $4.12 billion, verified as $53.93 x 76.40 million shares and units (0.01% deviation, financial_rigor.py); Morningstar shows about $3.83 billion on 71.12 million common shares | stockanalysis.com statistics and financial_rigor.py verification | August 3, 2026 |
| Q2 2026 results | FFO $1.43 per share versus consensus $1.19, net loss $0.38 per share, total revenue $264.0 million, net rental revenue $171.85 million up 16.5% year over year | SL Green Q2 2026 earnings release and Zacks | August 3, 2026 |
| 2026 guidance | FFO raised to $5.60 to $5.90 per share from $4.40 to $4.70; net income guidance raised to $0.20 to $0.50 per share | SL Green Q2 2026 earnings release | August 3, 2026 |
| Revenue TTM | $999.13 million | Yahoo Finance SLG key statistics and stockanalysis.com | August 3, 2026 |
| Net income TTM | $192.49 million GAAP net loss available to common stockholders; diluted EPS TTM about -$2.72 | Yahoo Finance SLG key statistics and stockanalysis.com | August 3, 2026 |
| Portfolio metrics | 54 buildings, 30.6 million sq ft including 29.2 million sq ft of ownership and 1.4 million sq ft securing debt and preferred equity, plus 4 managed third-party buildings totaling 0.9 million sq ft | SL Green Q2 2026 earnings release and company profile | August 3, 2026 |
| Occupancy and leasing | Manhattan same-store office occupancy 94.7% as of June 30, 2026 including signed leases not yet commenced; 53 leases signed in Q2 totaling 445,161 sq ft; replacement lease mark-to-market up 18.0%; same-store cash NOI up 4.3% | SL Green Q2 2026 earnings release | August 3, 2026 |
| Balance sheet and liquidity | Cash and cash equivalents $180.8 million as of June 30, 2026, consolidated debt $4.55 billion down from $4.77 billion, debt to equity about 1.4x, Morningstar interest coverage 0.15x | SL Green Q2 2026 earnings release, Yahoo Finance, Morningstar | August 3, 2026 |
| Dividend | $0.6175 quarterly ordinary dividend paid July 15, 2026, equal to an annualized dividend of $2.47; forward yield about 4.6% to 4.8% | SL Green Q2 2026 earnings release and Yahoo Finance | August 3, 2026 |
| Valuation ratios | Price to FFO 10.89, price to sales 4.13, price to book 1.17, EV to sales 10.25 | stockanalysis.com statistics | August 3, 2026 |
| Analyst targets | Consensus Buy from 18 analysts; average target $54.67, median $54.5, range $38 to $79; July 2026 raises include BMO to $60, Citi to $60, BofA to $61, and Piper Sandler to $79 | stockanalysis.com forecast and Yahoo Finance analyst insights | August 3, 2026 |
| Technical indicators | 50-day MA near $49.62, 200-day MA near $45.37, RSI 56.7, beta 1.57 to 1.59, 52-week range $34.77 to $66.29, short interest 13.65% of shares outstanding | stockanalysis.com statistics and Yahoo Finance | August 3, 2026 |
| Morningstar rating | SLG trading at a premium to Morningstar fair value; economic moat and uncertainty assessments behind subscription; report titled SL Green Earnings: Strong Results Amid Upgraded Guidance, but Consolidated Portfolio Still Lagging (July 23, 2026) | Morningstar SLG quote page | August 3, 2026 |
| Data source gap | FFO and AFFO per share detail, the full debt maturity schedule, per-property NOI, and Morningstar economic moat and fair value estimates were not fully accessible because parts are subscription-gated. FFO per share and guidance come from the company earnings release. | Multiple sources | August 3, 2026 |
This SLG AI stock analysis page is an informational tool only and is not investment advice, tax advice, or a recommendation to buy or sell any security. Forecast ranges are scenarios based on available public data as of August 3, 2026 and may be wrong if financial results, leasing, occupancy, asset sale proceeds, interest rates, capital market conditions, dividend policy, or Manhattan office demand change.
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