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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, primarily engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally in Manhattan, a borough of New York City. We were formed i…
65.01% operating margin is above average. ROIC at 6.13%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 13.1%, still solid. Margins contracted 17.4pp, which offsets some of the top-line progress.
ROIC dropped from 8.96% to 6.13%, capital efficiency is deteriorating. Operating margin contracted 17.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.02B
▲ +13.1% YoY
Net Income (TTM)
-$160M
▼ -540.3% YoY
Op. Margin
65.08%
▼ -17.4pp YoY
ROIC
6.11%
▼ -2.8pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$59M
▼ -36.0% YoY
Net Debt
$5.26B
Cash & Equiv.
$144M
5Y CAGR: -0.3%
3Y CAGR: -19.0%
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