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SL Green Realty Corp SLG

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Morningstar’s Analysis

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SL Green Realty Reports Middling Q2 Results Amid a Challenging Environment for Office Real Estate

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

No-moat rated SL Green reported middling second-quarter results amid a challenging environment for office real estate, with the company reporting funds from operations of $1.60 per share compared with $1.70 per share in the second quarter of 2020. Meanwhile, same-store cash net operating income decreased by 3.7% when compared with the prior year's period. Office utilization rates in central business districts have shown some improvement over the last quarter as companies encouraged their employees to return to the office, but utilization rates remain tepid at approximately 25% with a markedly slow transition.

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Company Profile

Business Description

SL Green is the largest Manhattan property owner and landlord, with around 46 million square feet of wholly owned and joint venture office space. The company has additional property exposure through its limited portfolio of well-located retail space. It operates as a real estate investment trust.

Contact
420 Lexington Avenue
New York, NY, 10170
T +1 212 594-2700
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 794

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