SL Green Realty (SLG)

NYSEReal EstateReit - OfficeSnapshot 2026-10-23

$50.14+1.93%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 25, 2026

What could strengthen or challenge SL Green Realty’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	168.81M
EPS	—	0.403
Annual ending 2026-12-31
Revenue	—	675.6M
EPS	—	-0.786
Annual ending 2027-12-31
Revenue	—	681.66M
EPS	—	-1.486

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain dividend payments	The company maintains dividend payments despite challenges.	Intact	dividend per share falls below $0.60	Dividend per share: $0.62 per share FY2026-Q2; GAAP. Published target: Maintain dividend near $0.62 per share quarterly. Target period is not explicitly aligned with this observation. Source published Aug 6, 20260.618 USD/share · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 6bc17c83-c0df-418b-ad0d-c5646069f3db. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS improvement toward break-even	A primary condition in SL Green Realty's published investment case. The stated target is EPS >= -0.12 USD per share in FY26.	Under Pressure	EPS guidance falls below -0.27 USD per share	Diluted EPS: $-0.38 per share FY2026-Q2; GAAP. Published target: EPS >= -0.12 USD per share in FY26. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026-0.38 USD/share · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 6bc17c83-c0df-418b-ad0d-c5646069f3db. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating income improvement	SL Green Realty is improving revenue and operating income.	Under Pressure	operating income falls below $136M quarterly	Operating income: $159.934M FY2026-Q2; GAAP. Published target: >= $145M operating income quarterly. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026159,934,000 USD · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 6bc17c83-c0df-418b-ad0d-c5646069f3db. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth to stabilize or improve	A primary condition in SL Green Realty's published investment case. The stated target is >= $253M quarterly revenue.	Under Pressure	quarterly revenue falls below $239M	Revenue: $264.001M FY2026-Q2; GAAP. Published target: >= $253M quarterly revenue. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026264,001,000 USD · source valueSource reportLast status assessment Oct 25, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 6bc17c83-c0df-418b-ad0d-c5646069f3db. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	2 / 4
2026-07-25	Unavailable	Unavailable	4 / 3
2026-07-26	Unavailable	Unavailable	2 / 4
2026-07-27	Unavailable	Unavailable	2 / 4
2026-07-28	Unavailable	Unavailable	2 / 4
2026-07-29	Unavailable	Unavailable	2 / 4
2026-07-30	Unavailable	Unavailable	2 / 4
2026-07-31	Unavailable	Unavailable	4 / 3
2026-08-01	Unavailable	Unavailable	4 / 3
2026-08-02	Unavailable	Unavailable	2 / 4
2026-08-03	Unavailable	Unavailable	4 / 3
2026-08-04	Unavailable	Unavailable	4 / 3
2026-08-05	Unavailable	Unavailable	4 / 3
2026-08-06	Unavailable	Unavailable	4 / 3
2026-08-08	Unavailable	Unavailable	2 / 4
2026-08-09	Unavailable	Unavailable	2 / 4
2026-08-10	Unavailable	Unavailable	2 / 4
2026-08-12	Unavailable	Unavailable	4 / 3
2026-08-13	Unavailable	Unavailable	2 / 4
2026-08-14	Unavailable	Unavailable	4 / 3
2026-08-15	Unavailable	Unavailable	4 / 3
2026-08-16	Unavailable	Unavailable	4 / 3
2026-08-17	Unavailable	Unavailable	4 / 3
2026-08-18	Unavailable	Unavailable	4 / 3
2026-08-19	Unavailable	Unavailable	4 / 3
2026-08-20	Unavailable	Unavailable	4 / 3
2026-08-21	Unavailable	Unavailable	4 / 3
2026-08-22	Unavailable	Unavailable	4 / 3
2026-08-23	Unavailable	Unavailable	4 / 3
2026-08-24	Unavailable	Unavailable	4 / 3
2026-08-25	Unavailable	Unavailable	4 / 3
2026-08-26	Unavailable	Unavailable	4 / 3
2026-08-27	Unavailable	Unavailable	4 / 3
2026-08-28	Unavailable	Unavailable	4 / 3
2026-08-29	Unavailable	Unavailable	4 / 3
2026-08-30	Unavailable	Unavailable	4 / 3
2026-08-31	Unavailable	Unavailable	4 / 3
2026-09-01	Unavailable	Unavailable	4 / 3
2026-09-02	Unavailable	Unavailable	4 / 3
2026-09-03	Unavailable	Unavailable	4 / 3
2026-09-04	Unavailable	Unavailable	4 / 3
2026-09-05	Unavailable	Unavailable	4 / 3
2026-09-06	Unavailable	Unavailable	4 / 3
2026-09-07	Unavailable	Unavailable	4 / 3
2026-09-08	Unavailable	Unavailable	4 / 3
2026-09-09	Unavailable	Unavailable	4 / 3
2026-09-10	Unavailable	Unavailable	4 / 3
2026-09-11	Unavailable	Unavailable	4 / 3
2026-09-12	Unavailable	Unavailable	4 / 3
2026-09-13	Unavailable	Unavailable	4 / 3
2026-09-14	Unavailable	Unavailable	4 / 3
2026-09-15	Unavailable	Unavailable	4 / 3
2026-09-16	Unavailable	Unavailable	4 / 3
2026-09-17	Unavailable	Unavailable	4 / 3
2026-09-18	Unavailable	Unavailable	4 / 3
2026-09-19	Unavailable	Unavailable	4 / 3
2026-09-20	Unavailable	Unavailable	4 / 3
2026-09-21	Unavailable	Unavailable	4 / 3
2026-09-22	Unavailable	Unavailable	4 / 3
2026-09-23	Unavailable	Unavailable	4 / 3
2026-09-24	Unavailable	Unavailable	4 / 3
2026-09-25	Unavailable	Unavailable	4 / 3
2026-09-26	Unavailable	Unavailable	4 / 3
2026-09-27	Unavailable	Unavailable	4 / 3
2026-09-28	Unavailable	Unavailable	4 / 3
2026-09-29	Unavailable	Unavailable	4 / 3
2026-09-30	Unavailable	Unavailable	4 / 3
2026-10-01	Unavailable	Unavailable	4 / 3
2026-10-02	Unavailable	Unavailable	4 / 3
2026-10-03	Unavailable	Unavailable	4 / 3
2026-10-04	Unavailable	Unavailable	4 / 3
2026-10-05	Unavailable	Unavailable	4 / 3
2026-10-06	Unavailable	Unavailable	4 / 3
2026-10-07	Unavailable	Unavailable	4 / 3
2026-10-08	Unavailable	Unavailable	4 / 3
2026-10-09	Unavailable	Unavailable	4 / 3
2026-10-10	Unavailable	Unavailable	4 / 3
2026-10-11	Unavailable	Unavailable	4 / 3
2026-10-12	Unavailable	Unavailable	4 / 3
2026-10-13	Unavailable	Unavailable	4 / 3
2026-10-14	Unavailable	Unavailable	4 / 3
2026-10-15	Unavailable	Unavailable	4 / 3
2026-10-16	Unavailable	Unavailable	4 / 3
2026-10-17	Unavailable	Unavailable	4 / 3
2026-10-18	Unavailable	Unavailable	4 / 3
2026-10-19	Unavailable	Unavailable	4 / 4
2026-10-20	Unavailable	Unavailable	4 / 4
2026-10-21	Unavailable	Unavailable	4 / 4
2026-10-22	Unavailable	Unavailable	4 / 4
2026-10-23	Unavailable	Unavailable	4 / 4
2026-10-24	Unavailable	Unavailable	4 / 4
2026-10-25	Unavailable	Unavailable	4 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	9	9	1
2026-06-01	8	9	1
2026-07-01	8	10	1
2026-08-01	7	10	1
2026-09-01	6	10	1
2026-10-01	7	10	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 10 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 26–Oct 25 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Piper SandlerOct 12 · prior Jul 24

$79.00 → $64.00-19.0%

$0$43.45$86.90

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 26, 2026–Oct 25, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain dividend paymentsDividend per share: $0.62 per share
EPS improvement toward break-evenPublished status: Under Pressure
Operating income improvementPublished status: Under Pressure
Revenue growth to stabilize or improvePublished status: Under Pressure

Next proof point

Next earnings date unavailable

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.4%Typical daily move · historical

Downside history

-32.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

SL Green Realty outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

SLG is a rate-sensitive commercial real estate recovery story, not a steady earnings compounder today. Its long-term thesis has some operating progress, but remains on watch because recent financial performance trails its industry cohort and realized FFO is weak.

What's priced into SL Green Realty

The evidence points to an expensive valuation versus peers, with a 2.92 peer premium and a model confidence level that is low. The expectations gap is elevated, but the snapshot says fragility is low because the concern is valuation alone, not a combination of expensive valuation, weak fundamentals, and turbulence.

What the fundamentals likely do

Near-term results may remain uneven: the latest earnings were in line after a July beat and an April miss, while company momentum fell sharply after fresh earnings. For the multi-year view, leasing and occupancy are constructive: Manhattan occupancy reached 95.0% in the third quarter, and replacement-lease rents were 15.7% above prior rents; however, nine-month diluted FFO was below the prior-year comparison despite higher full-year guidance.

What SL Green Realty hinges on

A key risk is whether management can deliver on its higher 2026 FFO guidance without reversing course, which could damage credibility. Lower interest rates and continued earnings strength from sector peers could support the sector backdrop, while sustained leasing and occupancy gains would help test the operating recovery thesis.