SL Green Realty Corp. (SLG)

SL Green Realty Corp.'s stock experienced a significant decline of 32.92% between January 2, 2025, and December 31, 2025, with the share price falling from $68.38 to $45.87. In Q2 2025, SL Green reported strong leasing activity and strategic investment gains, leading to an upward revision of its full-year FFO guidance, concluding over 540,000 square feet of leasing in Q2, bringing the year-to-date total to 1.3 million square feet, with occupancy in Manhattan at 91.4% as of June 30, with a projected 93.2% by year-end. In Q3 2025, the company reported a "very busy and very productive quarter," having signed over 1.9 million square feet of leases year-to-date, with expectations to exceed 2 million square feet, and management reaffirmed the target of 93.2% occupancy by year-end. SL Green's stock dropped by 2.3% after providing a 2026 earnings guidance that fell short of analyst expectations, projecting Funds From Operations (FFO) per share of $4.40 to $4.70 for 2026, below the analyst consensus of $5.13. Starting in fiscal year 2026, SL Green announced a shift from monthly to quarterly dividend payments while maintaining its cash payment structure. Andrew S. Levine, the chief legal officer, sold 1,493 shares for approximately $67,588 on December 22, 2025, representing 17.5% of his direct holdings. SL Green and Rockpoint announced a joint venture for the ownership of 100 Park Avenue. The company is scheduled to release its fourth-quarter 2025 financial results on January 28, 2026.

Demand seasonality for SL Green Realty Corp.'s commercial office properties in Manhattan is influenced by broader economic cycles and business activity. Deal activity tends to increase in the first half of the year, peaking in late spring, and cools down during the summer vacation season before picking up again in September. Demand is driven by factors such as company expansions, relocations, and the overall economic climate. SL Green's leasing momentum in 2025 suggests a consistent demand for its premium office spaces throughout the year, even amidst market volatility. The "return-to-office" trend and competitive hiring environment have also been noted as factors fueling demand for office space.

SL Green Realty Corp. is a fully integrated REIT focused on commercial real estate properties, mainly office properties, in the New York metropolitan area, with a strong emphasis on Manhattan, and is recognized as Manhattan's largest office landlord. Its business segments include real estate, debt and preferred equity investments, and SUMMIT. SL Green generates revenue through stable rental income and strategic capital transactions. As of September 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, with 27.1 million square feet in Manhattan buildings. Notable properties include One Vanderbilt Avenue, One Astor Plaza, 461 Fifth Avenue, 810 Seventh Avenue, and 919 Third Avenue. The company also operates SUMMIT One Vanderbilt, an attraction identified as a top performer.

SL Green Realty Corp.'s geographic footprint is concentrated in the New York metropolitan area, primarily Manhattan. The company specializes in premium office spaces within Manhattan's most sought-after business districts, including Midtown and Downtown. Its portfolio includes properties stretching from Third to Seventh Avenues, indicating a diversified presence beyond the traditional Park Avenue corridor.

SL Green's activities and performance in the past year suggest a mixed but generally resilient perception. The company has demonstrated strong operational performance, with significant leasing achievements and strategic investment gains, reporting robust leasing activity in Manhattan, signing over 1.9 million square feet of leases in 2025 and aiming for 93.2% occupancy by year-end, contributing positively to its reputation as a leading force in the NYC real estate market. However, the significant decline in stock price and the disappointing 2026 earnings forecast in December 2025 could negatively impact investor confidence, and insider sales can also be perceived negatively.

SL Green Realty Corp. is predominantly controlled by institutional investors, with approximately 64.09% to 88.6% of the company's stock owned by institutional investors, including BlackRock, Inc., Vanguard Group Inc., and State Street Corp. Individual insider ownership is relatively small, around 0.08% of the shares. Recent insider transactions primarily show sales, such as Andrew Levine's sale in December 2025 and Carol Brown's sales in July and September 2025.