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SL Green Realty (SLG)

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet. This included ownership interests in 28.6 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.

Company profile

Ticker
SLG, SLG-PI
Exchange
Website
CEO
Marc Holliday
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
1 Madison Office Fee LLC • 10 E 53 Owner LLC • 10E53 Partner LLC • 100 Church Fee Owner LLC • 100C Investor LLC • 106 SPRING STREET OWNER LLC • 106 Spring Funding II LLC • 1055 WASHINGTON BOULEVARD LLC • 1080 Amsterdam Green A Member LLC • 1080 Amsterdam Green B Member LLC ...
IRS number
133956775

SLG stock data

Calendar

8 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Jun 20 Mar 20 Sep 19 Jun 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
21 Apr 22 Dillard Lauren B. Phantom Stock Units Common Stock Grant Acquire A No No 0 307.882 0 30,360.489
21 Apr 22 Levy John S Phantom Stock Units Common Stock Grant Acquire A No No 0 172.414 0 82,189.355
21 Apr 22 Hatkoff Craig M Common Stock Grant Acquire A No No 0 77 0 3,693
21 Apr 22 John H Alschuler JR Phantom Stock Units Common Stock Grant Acquire A No No 0 184.729 0 17,977.208
1 Apr 22 Carol N Brown Phantom Stock Units Common Stock Grant Acquire A No No 0 2,894.089 0 2,894.089
81.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 297 316 -6.0%
Opened positions 65 62 +4.8%
Closed positions 84 59 +42.4%
Increased positions 85 103 -17.5%
Reduced positions 136 104 +30.8%
13F shares Current Prev Q Change
Total value 4.24B 3.88B +9.1%
Total shares 52.16M 53.72M -2.9%
Total puts 135.37K 365.76K -63.0%
Total calls 314.3K 676.67K -53.6%
Total put/call ratio 0.4 0.5 -20.3%
Largest owners Shares Value Change
Vanguard 9.55M $775.53M -1.3%
BLK Blackrock 9.16M $743.88M -6.2%
STT State Street 3.86M $314.3M +12.2%
FMR 1.75M $142.09M +282208.9%
DAVENPORT & Co 1.5M $122.22M +3.7%
Confluence Investment Management 1.35M $109.4M +1.2%
Geode Capital Management 1.32M $107.36M +26.6%
Wellington Management 1.2M $97.2M +20.6%
Dimensional Fund Advisors 1.19M $96.98M -2.9%
Nuveen Asset Management 1.13M $91.41M +76.8%
Largest transactions Shares Bought/sold Change
PGGM Investments 0 -1.77M EXIT
FMR 1.75M +1.75M +282208.9%
Madison International Realty 0 -1.09M EXIT
Norges Bank 0 -674.42K EXIT
DB Deutsche Bank AG - Registered Shares 979.79K +639.59K +188.0%
BLK Blackrock 9.16M -601.29K -6.2%
Waterfront Capital Partners 0 -574.65K EXIT
Centersquare Investment Management 82.3K -536.01K -86.7%
Nuveen Asset Management 1.13M +490.38K +76.8%
STT State Street 3.86M +419.07K +12.2%

Financial report summary

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Risks
  • The COVID-19 pandemic and health and safety measures intended to reduce its spread could adversely affect our business, results of operations, and financial condition.
  • Declines in the demand for office space in the New York metropolitan area, and in particular midtown Manhattan, could adversely affect the value of our real estate portfolio and our results of operations and, consequently, our ability to service current debt and to pay dividends and distributions to security holders.
  • We may be unable to renew leases or relet space as leases expire.
  • We face significant competition for tenants.
  • The expiration of long term leases or operating sublease interests where we do not own a fee interest in the land could adversely affect our results of operations.
  • We rely on five large properties for a significant portion of our revenue.
  • Our results of operations rely on major tenants and insolvency or bankruptcy of these or other tenants could adversely affect our results of operations.
  • Construction is in progress at our development projects.
  • We are subject to risks that affect the retail environment.
  • We are subject to the risk of adverse changes in economic and geopolitical conditions in general and the commercial office markets in particular.
  • Leasing office space to smaller and growth-oriented businesses could adversely affect our cash flow and results of operations.
  • We may suffer adverse consequences if our revenues decline since our operating costs do not decline in proportion to our revenue.
  • Competition for acquisitions may reduce the number of acquisition opportunities available to us and increase the costs of those acquisitions.
  • We face risks associated with property acquisitions.
  • Limitations on our ability to sell or reduce the indebtedness on specific properties could adversely affect the value of our common stock.
  • Potential losses may not be covered by insurance.
  • The occurrence of a terrorist attack may adversely affect the value of our properties and our ability to generate cash flow.
  • We face possible risks associated with the natural disasters and the effects of climate change.
  • We may incur significant costs to comply with climate change initiatives, and in particular those implemented in New York City.
  • There are potential conflicts of interest between us and Stephen L. Green.
  • Members of management may have a conflict of interest over whether to enforce terms of agreements with entities which Mr. Green, directly or indirectly, has an affiliation.
  • RISKS RELATED TO OUR LIQUIDITY AND CAPITAL RESOURCES
  • Debt financing, financial covenants, degree of leverage, and increases in interest rates could adversely affect our economic performance.
  • Scheduled debt payments could adversely affect our results of operations.
  • Financial covenants could adversely affect our ability to conduct our business.
  • Rising interest rates could adversely affect our cash flow.
  • The planned phasing out of LIBOR may affect our financial results.
  • Failure to hedge effectively against interest rate changes may adversely affect results of operations.
  • Increases in our leverage could adversely affect our stock price.
  • A downgrade in our credit ratings could materially adversely affect our business and financial condition.
  • Debt and preferred equity investments could cause us to incur expenses, which could adversely affect our results of operations.
  • Joint investments could be adversely affected by our lack of sole decision-making authority and reliance upon a co-venturer's financial condition.
  • Certain of our joint venture agreements contain terms in favor of our partners that could have an adverse effect on the value of our investments in the joint ventures.
  • We are dependent on external sources of capital.
  • RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE
  • We depend on dividends and distributions from our direct and indirect subsidiaries.
  • Our charter documents, debt instruments and applicable law may hinder any attempt to acquire us, which could discourage takeover attempts and prevent our stockholders from receiving a premium over the market price of our stock.
  • Provisions of our charter and bylaws could inhibit changes in control.
  • We have a stock ownership limit.
  • Maryland takeover statutes may prevent a change of control of our company, which could depress our stock price.
  • Contractual provisions that limit the assumption of certain of our debt may prevent a change in control.
  • SL Green's failure to qualify as a REIT would be costly and would have a significant effect on the value of our securities.
  • We may incur costs to comply with governmental laws and regulations.
  • Compliance with changing or new regulations applicable to corporate governance and public disclosure may result in additional expenses, or affect our operations.
  • Our property taxes could increase due to reassessment or property tax rate changes.
  • The trading price of our common stock has been and may continue to be subject to wide fluctuations.
  • Future issuances of common stock, preferred stock and convertible debt could dilute existing stockholders' interests.
  • Changes in market conditions could adversely affect the market price of our common stock.
  • Changes to U.S. federal income tax laws could materially and adversely affect us and our stockholders.
  • Loss of our key personnel could harm our operations and our stock price.
  • Our business and operations would suffer in the event of system failures or cyber security attacks.
  • Forward-looking statements may prove inaccurate.
Management Discussion
  • i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2021 and still owned by us in the same manner as of March 31, 2022 (Same-Store Properties totaled 21 of our 30 consolidated operating buildings),
  • ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2022 and 2021 and all non-Same-Store Properties, including properties that are under development or redevelopment,
  • iii."Disposed Properties," which represents all properties or interests in properties sold in 2022 and 2021, and

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