SL Green Realty Sees Office Occupancy Drop to 89.8% Despite Securing 950K SF of Leases in First Half of Year
July 26, 2023
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SL ($NYSE:SLG) Green Realty is a publicly traded Real Estate Investment Trust (REIT) which specializes in the acquisition, ownership and management of commercial office buildings, as well as the development of multifamily housing and retail properties. In order to try and offset these losses, SL Green has been actively leasing out office space to numerous companies. The decrease in occupancy rate comes at a difficult time for SL Green, as the company continues to face unprecedented challenges due to the pandemic. It remains to be seen if SL Green will be able to recover from this downturn and return to its pre-pandemic levels of occupancy.
Earnings
In its latest earning report of FY2023 Q2 ending June 30 2021, SL Green Realty reported a total revenue of 5.56M USD, showing a 4.1% increase from the previous year. This brings their total revenue over the last three years to 5.59M USD.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SLG. More…
| Total Revenues | Net Income | Net Margin |
| 881.98 | -458.05 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SLG. More…
| Operations | Investing | Financing |
| 237.03 | 425.81 | -654.82 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for SLG. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 10.04k | 5.46k | 60.12 |
Key Ratios Snapshot
Some of the financial key ratios for SLG are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -18.2% |
| FCF Margin | ROE | ROA |
| – | – | – |
Analysis
This chart revealed that SL GREEN REALTY is strong in asset, dividend, and profitability, but weak in growth. Our health score of 2/10 for SL GREEN REALTY indicates that it is less likely to survive any crisis without the risk of bankruptcy. Based on this analysis, we classified SL GREEN REALTY as a ‘cow’, a type of company that has a track record of paying out consistent and sustainable dividends. Investors who are looking for a more stable investment option may be interested in SL GREEN REALTY as it can provide them with steady returns. Those investors who are looking for higher growth may find SL GREEN REALTY’s slow growth rate to be a downside. However, those investors who are willing to sacrifice some growth for more stability may find this company to be an attractive investment option. More…
Peers
The commercial real estate industry is highly competitive, with a large number of companies vying for market share. SL Green Realty Corp is one of the largest and most successful commercial real estate firms in the industry, with a long track record of success. The company’s main competitors are Picton Property Income Ltd, DDMP REIT Inc, and Cromwell Property Group. These firms are all large and well-established companies with significant resources and a strong presence in the industry.
– Picton Property Income Ltd ($LSE:PCTN)
The company’s market cap is 468.15M as of 2022. The company is a property income fund that invests in a portfolio of UK commercial properties. The company’s objective is to provide shareholders with an attractive level of income and capital growth by investing in a diversified portfolio of UK commercial properties.
– DDMP REIT Inc ($PSE:DDMPR)
Dividend and income-oriented real estate investment trust that owns and operates a diversified portfolio of real estate assets in the United States. The company’s portfolio includes office, retail, industrial, and residential properties.
– Cromwell Property Group ($ASX:CMW)
Cromwell Property Group is a real estate investment trust that owns and operates a portfolio of properties across Australia, New Zealand, and Europe. The company has a market cap of 5.46 billion as of 2022. Cromwell Property Group’s portfolio includes office, retail, industrial, and logistics properties. The company also owns and operates a number of hotels and serviced apartments.
Summary
SL Green Realty Corp. is a real estate investment trust (REIT) that invests primarily in office properties. The company recently released its Q2 earnings report, which showed that it had secured 950 thousand square feet of office leases in the first half of the year.
However, the report also revealed that the company’s office occupancy had dropped to 89.8%, the lowest it has been since the start of the year. Despite this news, the stock price moved up the same day, indicating investors remain positive on the company’s prospects. Analysts suggest that investors should consider adding SL Green to their portfolios, due to its solid balance sheet and promising long-term prospects.
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