A major U.S. retail and office REIT with over $11B in assets generating $1B in revenue, though currently facing net losses due to high interest expenses and accumulated deficits.
The company maintains a massive asset base of $11.08 billion with healthy cash reserves and strong operating cash flow, suggesting underlying business stability despite accounting losses. Strategic investments in joint ventures exceeding $2.6 billion indicate growth initiatives that could unlock future value if market conditions improve.
Investors should avoid the stock due to a persistent net loss of $96.9 million and an accumulated deficit nearing -$742 million, which signals severe financial distress or restructuring needs. The massive income tax expense relative to profit before tax and high interest burden create significant headwinds that could persist in a higher-rate environment.
SL Green Realty Corporation is a leading real estate investment trust (REIT) focused on the retail and office sectors across major U.S. markets including New York, California, and Florida. The company generates revenue primarily through lease income from its extensive portfolio of shopping centers and commercial properties, serving consumers and businesses nationwide. With total assets exceeding $11 billion and a gross profit of $1 billion in 2025, the firm leverages significant scale and strategic location advantages to maintain occupancy rates.
Despite a strong gross profit of $1 billion and operating profit of $651.9 million, the company reported a net loss of $96.9 million in 2025, primarily driven by massive interest expenses and equity in affiliates losses of $56.1 million. Cash flow from operations remained positive at $82.9 million, but heavy investing outflows of $330.8 million suggest continued capital deployment or asset sales to manage the balance sheet.
The commercial real estate industry is currently navigating a transition driven by remote work trends and evolving retail consumption patterns, challenging traditional office and shopping center models. REITs face pressure from rising borrowing costs which impact leverage-heavy balance sheets like SL Green's $6.73 billion in liabilities.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $826.7M | $913.7M | $886.3M | $1.00B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $826.7M | $913.7M | $886.3M | $1.00B |
| Operating Expenses | $899.3M | $1.50B | $155.6M | $351.1M |
| Operating Income | $-72.6M | $-591.1M | $730.6M | $651.9M |
| G&A | $93.8M | $111.4M | $85.2M | $89.3M |
| D&A | $223.1M | $255.6M | $214.1M | $262.8M |
| Other OpEx | $805.5M | $1.39B | $70.5M | $261.8M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Interest Expense | $166.5M | $228.8M | $196.3M | $215.6M |
| Pre-Tax Income | $-72.6M | $-591.1M | $730.6M | $651.9M |
| Income Tax | $3.7M | $8.2M | $700.0K | $748.9M |
| Continuing Ops | $-76.3M | $-599.3M | $729.9M | $-96.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-76.3M | $-599.3M | $30.2M | $-96.9M |
| Minority Interest | $1.8M | $-34.8M | $8.2M | $-11.0K |
| Net to Common | $-78.1M | $-564.6M | $22.0M | $-96.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $203.3M | $221.8M | $184.3M | $155.7M |
| Operating Leases | $1.03B | $953.2M | $865.6M | $864.4M |
| Total Assets | $12.36B | $9.53B | $10.47B | $11.08B |
| Total Liabilities | $7.26B | $5.27B | $5.92B | $6.73B |
| Shareholders' Equity | $5.09B | $4.26B | $4.55B | $4.35B |
| Paid-In Capital | $3.79B | $3.83B | $4.16B | $4.21B |
| Retained Earnings | $651.1M | $-151.6M | $-449.1M | $-741.9M |
| AOCI | $49.6M | $17.5M | $18.2M | $-22.2M |
| Total L&E | $12.36B | $9.53B | $10.47B | $11.08B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-76.3M | $-599.3M | $30.2M | $-96.9M |
| Non-Cash Adjustments | $304.8M | $827.3M | $84.4M | $184.9M |
| Working Capital Changes | $47.5M | $1.5M | $15.0M | $-5.1M |
| Cash from Operations | $276.1M | $229.5M | $129.6M | $82.9M |
| Cash from Investing | $425.8M | $171.3M | $118.8M | $-330.8M |
| Share Buybacks | $151.2M | $0 | $0 | — |
| Dividends Paid | $262.1M | $230.9M | $218.8M | $242.6M |
| Cash from Financing | $-654.8M | $-449.4M | $-252.2M | $252.8M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $47.1M | $-48.5M | $-3.9M | $4.9M |
| Beginning Cash | $337.0M | $384.1M | $335.5M | $331.6M |
| Ending Cash | $384.1M | $335.5M | $331.6M | $336.5M |
Retail leasing operations for shopping centers and commercial real estate; Office property management and leasing services; Joint venture investments in development projects exceeding $2.6 billion.
High interest expense of $215.6 million significantly eroding operating profits and contributing to net losses; Substantial accumulated deficit of -$741.9 million indicating long-term profitability challenges; Sensitivity to retail consumer spending trends and office vacancy rates in key markets.
Extensive portfolio of high-quality properties located in prime urban corridors with strong foot traffic; Significant scale allowing for favorable lease negotiation terms and economies of operation; Robust cash reserves of $155.7 million providing liquidity for debt service and capital investments.
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