SL Green Realty Corp. (SLG) Bundle
A Brief History of SL Green Realty Corp. (SLG)
Company Overview
SL Green Realty Corp. is a real estate investment trust (REIT) headquartered in New York City, focusing on Manhattan office properties.
Financial Performance
| Metric | 2023 Value |
|---|---|
| Total Revenue | $762.4 million |
| Net Income | $173.2 million |
| Total Assets | $10.9 billion |
| Market Capitalization | $2.1 billion |
Property Portfolio
- Total commercial properties: 79
- Total square footage: 33.4 million
- Occupancy rate: 92.4%
- Average lease term: 7.2 years
Key Operational Metrics
As of Q4 2023, SL Green reported:
- Same-store net operating income: $339.6 million
- Funds from operations (FFO): $256.8 million
- Weighted average interest rate: 4.8%
Debt Structure
| Debt Metric | Amount |
|---|---|
| Total Debt | $6.3 billion |
| Debt-to-Equity Ratio | 0.62 |
| Weighted Average Maturity | 5.7 years |
Stock Performance
As of December 31, 2023:
- Stock Price: $28.75
- Dividend Yield: 8.6%
- Year-to-Date Return: -12.3%
A Who Owns SL Green Realty Corp. (SLG)
Major Institutional Shareholders
| Shareholder | Shares Owned | Percentage |
|---|---|---|
| The Vanguard Group, Inc. | 12,714,817 | 14.62% |
| BlackRock Inc. | 9,246,613 | 10.63% |
| Cohen & Steers, Inc. | 5,246,394 | 6.03% |
| State Street Corporation | 4,823,909 | 5.55% |
Insider Ownership
As of the latest filing, Marc Holliday serves as Chairman and CEO, holding approximately 2.1% direct ownership in the company.
Ownership Distribution
- Institutional Investors: 78.4%
- Retail Investors: 16.5%
- Insider Ownership: 5.1%
Top Institutional Investors
| Investor | Number of Shares | Value |
|---|---|---|
| Vanguard Total Stock Market Index Fund | 3,714,817 | $187,342,000 |
| BlackRock Institutional Trust | 2,946,613 | $148,573,000 |
SL Green Realty Corp. (SLG) Mission Statement
Company Overview
SL Green Realty Corp. is a real estate investment trust (REIT) headquartered in New York City, focusing on Manhattan commercial real estate. As of Q4 2023, the company owned 69 properties totaling 30.8 million square feet of commercial space.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $762.4 million |
| Net Income | $168.3 million |
| Total Assets | $10.2 billion |
| Market Capitalization | $3.1 billion |
Strategic Focus Areas
- Manhattan commercial real estate investment
- Office property management
- Development and redevelopment projects
- Sustainable property management
Property Portfolio Breakdown
| Property Type | Number of Properties | Total Square Footage |
|---|---|---|
| Office Buildings | 55 | 26.5 million sq ft |
| Retail Properties | 14 | 4.3 million sq ft |
Key Investment Metrics
- Occupancy Rate: 93.4%
- Funds from Operations (FFO): $439.2 million
- Dividend Yield: 7.8%
How SL Green Realty Corp. (SLG) Works
Company Overview
SL Green Realty Corp. is a real estate investment trust (REIT) focused on Manhattan office properties. As of Q4 2023, the company owns 66 properties totaling 35.1 million square feet of commercial real estate in New York City.
Property Portfolio
| Total Properties | 66 |
| Total Square Footage | 35.1 million sq ft |
| Occupancy Rate | 91.4% |
| Weighted Average Lease Term | 7.3 years |
Financial Performance
As of December 31, 2023, SL Green reported:
- Total Revenue: $812.4 million
- Net Income: $163.2 million
- Funds from Operations (FFO): $246.5 million
- Dividend Per Share: $0.65
Investment Strategy
SL Green primarily focuses on:
- Manhattan office properties
- Selective development projects
- Strategic property acquisitions
Debt Structure
| Total Debt | $3.2 billion |
| Weighted Average Interest Rate | 4.6% |
| Debt Maturity | 2029 |
Geographic Concentration
100% of properties located in Manhattan, with significant concentration in Midtown and Downtown submarkets.
How SL Green Realty Corp. (SLG) Makes Money
Commercial Real Estate Portfolio
SL Green Realty Corp. generates revenue primarily through commercial real estate investments in Manhattan. As of Q4 2023, the company owned 68 properties totaling 32.1 million square feet of commercial space.
| Property Type | Total Square Feet | Occupancy Rate |
|---|---|---|
| Office Buildings | 28.5 million | 92.4% |
| Retail Spaces | 3.6 million | 87.6% |
Rental Income Streams
In 2023, SL Green generated $752.3 million in total rental revenue with an average monthly rent of $84.50 per square foot.
- Office lease average duration: 7.2 years
- Retail lease average duration: 5.6 years
- Weighted average lease term: 6.9 years
Financial Performance
2023 financial highlights include:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $752.3 million |
| Net Operating Income | $445.6 million |
| Funds from Operations | $386.2 million |
Investment Strategy
SL Green focuses on Manhattan commercial real estate with strategic property acquisitions and developments.
- Total investment in property development: $287.4 million in 2023
- Property acquisition spending: $215.6 million
- Redevelopment investments: $72.8 million
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