SL Green Realty Corp: Dishing & Swishing; NYC Strength Continues, Maintain Buy

Research evidence excerpt

SL Green Realty Corp: Dishing & Swishing; NYC Strength Continues, Maintain Buy

Deutsche Bank

Research

Rating Company Date

Buy SL Green Realty Corp 23 June 2026

North America Reuters Bloomberg Rating Buy

United States SLG.N SLG US Price target (USD) 55.00 Price at 22 Jun 26 49.57

52-week range 65.67 – 35.33

Financial

REITs Valuation & Risks

Dishing & Swishing; NYC Strength Continues,

Maintain Buy PeterResearchAbramowitzAnalyst

+1-212-250-9504

Key Takeaways

Omotayo Okusanya The Knicks aren’t the only New York City organization riding a wave of momentum Research Analyst

this summer. Following a 32% 3-month run in the shares of SLG (as of Monday’s +1-212-250-9284

close), we still see positive leasing and capital market catalysts on the horizon. As

such, we are raising our PT by $9 to $55 (15% upside potential including the

dividend) and maintain our Buy rating.

Key changes

Recent brokerage data shows strength in the Manhattan office leasing market Price target (USD) 46 55 20%

continued into 2Q26, with YTD leasing (through May) up +9.6% Y/Y (vs. a strong

Source: Deutsche Bank

2025) and on pace for the best year since 2000. The momentum isn’t limited to

volume/declining availability either, as asking rents grew +5.8% Y/Y in May. As

such, we think SLG will continue to report strong leasing metrics and believe the

company could raise both its FY26 leasing target (1.7M SF) and YE leased rate

target (95.0%) when it reports 2Q26 earnings next month. Limited availability for

high-end space could also translate to cash leasing spreads toward the high end

of SLG’s 2026 target (+7.5%-12.5%), as the company already reported its

strongest quarter for cash mark-to-market since 2019 in 1Q26 (+16.1%). In

addition, we think fundamental strength in the market could translate to