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Does SL Green’s 2025 Leasing Momentum and Preferred Dividend Shape a New Capital Playbook for SLG?

Simply Wall St · 1d ago
  • SL Green Realty Corp. recently announced that its board declared a regular quarterly cash dividend of US$0.40625 per share on its Series I Preferred Stock for the period from October 15, 2025 to January 14, 2026, payable on January 15, 2026 to shareholders of record as of December 31, 2025.
  • Alongside this, the company reported signing 2.3 million square feet of Manhattan office leases so far in 2025, with a further 1.2 million square feet in its pipeline, underscoring how active leasing progress is supporting its goal of reaching a 93.2% same-store office occupancy target for the year.
  • We’ll now examine how this strong 2025 Manhattan leasing progress, and its contribution toward occupancy goals, influences SL Green’s broader investment narrative.

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SL Green Realty Investment Narrative Recap

To own SL Green, you need to believe Manhattan’s higher quality offices can stay leased at viable rents despite a tough funding and demand backdrop. The recent leasing momentum directly supports the near term occupancy catalyst, while persistent interest rate and refinancing pressures remain the biggest risk to earnings and margins. The preferred dividend declaration itself does not materially change these drivers.

The most relevant update here is SL Green’s 2.3 million square feet of signed Manhattan office leases in 2025, with another 1.2 million square feet in the pipeline. This leasing progress ties closely to its 93.2% same store occupancy target, which is a key support for cash flows, dividend capacity and market confidence at a time when higher interest costs and delayed asset sales are weighing on profitability.

Yet behind the strong leasing and steady preferred dividend, investors should be aware that sustained high interest costs and slower asset sales could...

Read the full narrative on SL Green Realty (it's free!)

SL Green Realty's narrative projects $659.6 million revenue and $70.6 million earnings by 2028.

Uncover how SL Green Realty's forecasts yield a $56.79 fair value, a 27% upside to its current price.

Exploring Other Perspectives

SLG 1-Year Stock Price Chart
SLG 1-Year Stock Price Chart

Four members of the Simply Wall St Community value SL Green between US$37.86 and US$76 per share, showing how far apart individual views can be. As you weigh those opinions, it is worth considering how much of the recent Manhattan leasing strength is needed to offset ongoing pressure from higher interest expenses and uncertain asset sale timing.

Explore 4 other fair value estimates on SL Green Realty - why the stock might be worth 15% less than the current price!

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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.