SLGSL GREEN REALTY CORP

Real Estate Investment Trusts

Revenue: $1.0B; 13% YoY
Operating margin: 65.0%; 21% YoY
EBITDA: $915M; 3.2% YoY
Market cap: $3.6B
Employees: 1,289; $778K revenue each
Net debt / EBITDA: 3.4×; $3.1B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$19M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowYes
293% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
70% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$778K · 49th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$861M	$919M	$914M	$886M	$1.0B	13%
Operating income	—	$606M	$599M	$731M	$652M	11%
Net income	$481M	−$76M	−$599M	$30M	−$97M	421%
Operating cash flow	$256M	$276M	$230M	$130M	$83M	36%
Buybacks	$341M	$151M	$0	$0	—
Dividends	$271M	$262M	$231M	$219M	$243M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 6
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$17M	$959K	104	65
FY2024	$21M	$49M	146	83
FY2023	$19M	$31M	93	80
FY2022	$17M	−$12M	62	77
FY2021	$21M	$33M	127	123