SLG

SL Green is the largest Manhattan office landlord, with 16 consolidated buildings (~9.5M sq ft) plus 10 unconsolidated buildings (~13.9M sq ft) concentrated in midtown. The 2025 numbers show a real top-line recovery — revenue grew 13.2% to $1.00B, the first material acceleration in years after FY2021-2024 stagnated in the $861M-$919M band. Operating margin remains exceptional at 65.0%, reflecting the structural economics of owning trophy office assets. However, the same filing shows the recovery is uneven beneath the headline: net income swung back to -$96.9M from a slim +$22.0M in FY2024, diluted EPS is -$1.61, and ROE is negative at -2.6%. This is the third loss in five years (FY2022, FY2023, FY2025), and accumulated retained earnings are now -$742M (down another 65.2%), reflecting the long hangover from the post-2020 Manhattan office reset.

Read the full thesis with Pro →