--- title: "SL Green Realty (SLG) Beats On FFO As Valuation Questions Come Into Focus" type: "News" locale: "en" url: "https://longbridge.com/en/news/294295571.md" description: "SL Green Realty (SLG) reported Q2 2026 FFO of $1.43 per share, beating expectations with higher net rental revenue and strong Manhattan portfolio performance. Despite a 26.9% 90-day return, the stock trades slightly above its estimated fair value of $51.61, raising valuation concerns. While transformative projects like One Vanderbilt offer growth potential, risks include higher interest costs and uncertainty around asset sales." datetime: "2026-07-30T03:16:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294295571.md) - [en](https://longbridge.com/en/news/294295571.md) - [zh-HK](https://longbridge.com/zh-HK/news/294295571.md) --- # SL Green Realty (SLG) Beats On FFO As Valuation Questions Come Into Focus ## Why SL Green Realty’s latest quarter is drawing investor attention SL Green Realty (SLG) is back in focus after reporting second quarter 2026 funds from operations of $1.43 per share, ahead of expectations, alongside higher net rental revenue and better performance in its Manhattan portfolio. See our latest analysis for SL Green Realty. At a share price of US$53.82, SL Green Realty has seen a 26.9% 90 day share price return and a 14.61% year to date share price return, while the 3 year total shareholder return of 73.07% contrasts with a slightly negative 1 year total shareholder return. Recent gains have come alongside its second quarter 2026 earnings release and ongoing share repurchases, which together appear to have shifted sentiment toward improved business fundamentals and perceived risk. If SL Green’s recent move has you thinking about what else is working in real assets, it could be a good time to broaden your search and check out 18 top founder-led companies SL Green Realty now trades only slightly below the average analyst price target after a strong run. Yet the market still assigns a clear discount to some intrinsic value estimates. Is that caution about Manhattan offices warranted at this price? ## Most Popular Narrative: 4.3% Overvalued At $53.82, SL Green Realty trades a little above the most followed fair value estimate of $51.61. This estimate is built on detailed revenue and margin forecasts using a 9.2% discount rate. > _Value-add developments and transformative projects (such as One Vanderbilt and the potential Caesars Palace Times Square casino) have the potential to unlock new high-margin revenue streams, increase portfolio valuation, and materially expand SL Green's income base in the medium to long term._ _Read the complete narrative._ Read the complete narrative. Curious what sits behind a fair value that still comes in below today’s price? The core narrative leans on shrinking revenue, improving margins and a lofty future earnings multiple that is far above typical office REIT assumptions. **Result: Fair Value of $51.61 (OVERVALUED)** Have a read of the narrative in full and understand what's behind the forecasts. However, SL Green Realty still faces pressure from higher interest costs and uncertain asset sales, and any setback on key projects like the Caesars Palace Times Square bid could quickly challenge this upbeat narrative. Find out about the key risks to this SL Green Realty narrative. ## Next Steps If the SL Green Realty story so far feels mixed, now is a good time to review the underlying data, pressure test the thesis, and weigh the 2 important warning signs ## Looking for more investment ideas beyond SL Green Realty? If SL Green Realty has sharpened your focus, now is the moment to widen your search and size up a few more focused opportunities before others get there first. - Pinpoint potential mispriced opportunities by scanning 48 high quality undervalued stocks that combine attractive fundamentals with room for a stronger market view. - Build a steadier income stream by checking out 9 dividend fortresses that prioritize reliable payouts alongside solid business profiles. - Strengthen your watchlist with 85 resilient stocks with low risk scores that aim to balance growth potential with more resilient risk profiles. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** Manage All Your Stock Portfolios in One Place We've created the **ultimate portfolio companion** for stock investors, **and it's free.** • Connect an unlimited number of Portfolios and see your total in one currency • Be alerted to new Warning Signs or Risks via email or mobile • Track the Fair Value of your stocks Try a Demo Portfolio for Free ### Related Stocks - [SLG.US](https://longbridge.com/en/quote/SLG.US.md) ## Related News & Research - [SLG: Raised 2026 FFO guidance as Manhattan leasing and NOI growth drive improved outlook](https://longbridge.com/en/news/293521309.md) - [SL Green Realty Q2 Earnings Call Highlights](https://longbridge.com/en/news/293683528.md) - [SLG: FFO guidance raised as Manhattan leasing momentum drives higher occupancy and NOI](https://longbridge.com/en/news/293520175.md) - [SL Green Realty (SLG) Following Tokyo SUMMIT Expansion Has Its Valuation Back In Focus](https://longbridge.com/en/news/293125192.md) - [SL Green Realty (SLG) Expected to Announce Quarterly Earnings on Wednesday](https://longbridge.com/en/news/292713592.md)