SLG Stock Forecast & Price Target

SL Green Realty demonstrates a robust financial outlook, with management projecting cash same-store NOI growth of over 10% year-over-year by 2027, signaling strong operational performance. The anticipated occupancy improvements by approximately 20 basis points in 4Q25 and an additional 90 basis points in 2026 highlight the company's recovery trajectory and effective leasing strategies post-pandemic. Furthermore, the achievement of 2.3 million square feet of leasing year-to-date, with expectations to reach 2.6 million square feet for the full year, underscores SL Green’s proactive efforts in capitalizing on tenant demand, particularly in prime Midtown Manhattan locations.

SL Green Realty is projected to experience a 12.8% year-over-year decline in normalized FFO per share in 2025, followed by moderate growth that raises concerns about the company's long-term financial stability. The significant drop in funds available for distribution per share, consistently declining since 2020 and now falling below the dividend payment, indicates a troubling imbalance between income generation and payouts. Additionally, broader risks such as rising interest rates, weak job growth, and elevated leasing capital are expected to exert continued pressure on SL Green Realty's financial performance and market position.