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Evercore ISI raised its price target on SL Green Realty (NYSE:SLG) to $74.00 from $66.00 on Friday, while maintaining an Outperform rating on the Manhattan office landlord. The stock, which has shown strong momentum with a 21% return over the past year according to InvestingPro data, currently trades near $66, with analysts’ targets ranging from $50 to $87.
The firm updated its modeling assumptions following a meeting with SL Green’s CFO Matt DiLiberto earlier this week, which included discussions about the Manhattan office leasing market, the pending casino license, and the newest SUMMIT attraction planned for Paris. The company, which boasts a remarkable 29-year streak of consecutive dividend payments and maintains a healthy current ratio of 5.82, continues to demonstrate financial resilience despite market challenges.
Evercore ISI increased its 2025 funds from operations (FFO) estimate slightly from $5.49 to $5.52 per share, while its 2026 FFO estimate rose more substantially by 20 cents from $5.49 to $5.69 per share, noting that the company’s complexity makes quarterly FFO predictions more volatile than its peers.
The firm’s adjusted funds from operations (AFFO) estimate for 2026 saw a minimal increase of just 1 cent, from $2.79 to $2.80 per share, as higher projected free rent burn-off was largely offset by increased second-generation capital expenditure spending expected in 2025.
Evercore ISI reduced its capitalization rate assumption by 10 basis points within its net asset value framework, citing expectations for accelerating market rent growth in SL Green’s core Midtown submarkets and the overall strength of the New York City office market.
In other recent news, SL Green Realty Corp reported its first-quarter 2025 financial results, exceeding earnings expectations with an EPS of -$0.30, surpassing the forecast of -$0.41. However, the company’s revenue slightly missed projections, coming in at $144.52 million compared to the expected $145.27 million. Piper Sandler analysts have maintained an Overweight rating on SL Green Realty, highlighting the scarcity of prime office space and the lack of new supply in the coming decade as factors supporting the company’s future performance. Additionally, SL Green Realty held its Annual Meeting of Stockholders, where eight directors were elected, and key proposals, including executive compensation and a stock option plan, were approved. The company also achieved full occupancy at its newly acquired 500 Park Avenue, which underscores its strategic focus on high-quality assets. The firm’s debt-related businesses have shown strong performance, contributing to its profitability. Meanwhile, SL Green Realty is exploring significant office-to-residential conversions, with plans for up to 25 million square feet of such projects.
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