SL GREEN REALTY CORP (SLG): what the price assumes
In the published model solve dated 2026-Q2, anchored at $54.85, SL GREEN REALTY CORP (SLG) is priced for today's economics sustained for ~15.1 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-11.
Generated: 2026-08-08 · Exported: 2026-08-09 · Source: https://boothcheck.com/report/SLG
Headline
| Field | Value |
|---|---|
| Ticker | SLG |
| Company | SL GREEN REALTY CORP |
| Sector / Industry | Real Estate |
| Current price | $54.85/sh |
| Composition | Real Estate 79% / SUMMIT 12% / DPE (Debt and Preferred Equity investments) 9% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | reit |
| Top-of-range FFO growth must hold for | 15.1y |
| Price-to-FFO | 27.1x |
| FFO yield | 3.7% |
Solve inputs: computed at a 12.7% cost of equity; growth searched up to the 15% AFFO-growth ceiling; each 1pp moves the implied horizon ~3.2 years.
Reconcile: at the x-ray's 9.3% required return this reads ~6.1 years; the models below use their own rates.
How unusual the bet is: extreme
| Reference | Value |
|---|---|
| vs own history | +0.18σ |
| cohort percentile (of 105 peers) | 96 |
| sustained it ~10 years at this level | 53% |
| implied end-window share | 0% |
Valuation X-Ray
The price is supported by asset-based value, while earnings-power/relative-multiple land below the price. A value/asset-supported name, not a pure growth bet.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 1.10x | 4 | expensive |
| Earnings | 3.65x | 2 | expensive |
| Relative | 1.92x | 1 | expensive |
| Growth | 1.41x | 2 | expensive |
Families that justify the price: Asset Families that call it expensive: Earnings, Relative
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.2%); the inversion above states its own rate.
Per-Model Detail (n=9)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $0.00 | — | no | FCF base $0.1B, growth 8% (input: historical growth), terminal g 4.0%, WACC 7.2%, 6yr projection |
| DCF Exit Multiple | Growth | $41.40 | 1.32x | yes | Exit EV/EBITDA: 4.7x / 6.7x / 8.7x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | — | — | no | P/E 35x (static sector reference · 2026-04), scenarios: 29.3x / 35.0x / 40.7x (bear / base = reference held flat / bull), EV/EBITDA 14.68x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $55.14 | 0.99x | yes | Reference only (book value floor): BV/sh $55.14, ROE negative |
| Two-Stage Excess Return | Asset | $49.63 | 1.11x | yes | Reference only (book value with convergence): BV/sh $55.14, ROE converges to ke |
| Discounted Future Market Cap | Growth | $36.59 | 1.50x | yes | Rev $1.0B, growth 8% (input: historical growth; tapered), Terminal P/S: 3.2x / 3.8x / 4.4x (bear / base = today's held flat / bull, cap 8x) |
| Growth-Adjusted P/E | Relative | — | — | no | — |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $11.41 | 4.81x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $0.31B × (1−21%) / WACC 7.2% → EPV (no growth) |
| Residual Income | Asset | — | — | no | — |
| Graham Number | Asset | $50.31 | 1.09x | yes | √(22.5 × FFO/share $2.04 × BVPS $55.14) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $0.93B × sector EV/EBITDA 20.0x |
| FCF Yield | Earnings | $0.01 | 5485.00x | yes | FCF $58.6M / Kₑ 9.3% — zero-growth perpetuity (excluded from median) |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $1.71 | 32.08x | yes | FFO/share $2.04 × (8.5 + 2×-5.0%) × (4.4 / 5.3%) (excluded from median) |
| ROIC-Justified P/B | Asset | $14.12 | 3.88x | yes | BV $55.14 × (ROIC 1.8% / WACC 7.2%) |
| P/Sales Sector | Relative | — | — | no | Revenue $1.02B × sector P/S 6.0x |
| PEG Fair Value | Relative | — | — | no | — |
| Earnings Yield | Earnings | $22.05 | 2.49x | yes | FFO/share $2.04 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | $28.62 | 1.92x | yes | FFO/share $2.04 × 14.1x P/FFO (route cohort median, n=85); FFO $0.14B (FFO incl. D&A + impairments, FY2025, companyfacts), shares 71M |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Real Estate | operating | enterprise | $788.6m | $651.9m operating-income | withheld | unresolved no unit value |
| SUMMIT | operating | enterprise | $122.3m | -$967k operating-income | withheld | unresolved no unit value |
| DPE (Debt and Preferred Equity investments) | operating | enterprise | $92.1m | $86.6m operating-income | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt (REIT basis) | $3.1b |
| Net debt / FFO | 21.44x |
| Funds from operations (trailing) | $143.9m |
| Share count CAGR (dilution) | 0.2% |
| Burning cash | no |
REIT basis: leverage is read against funds from operations (FFO), not depreciation-gutted operating income. The header's implied growth runs on ADJUSTED FFO — FFO minus recurring maintenance capex — so the header's multiple and this leverage ratio use bases that differ by that capex; neither substitutes for the other. Interest expense is not separately reported in the cached statements, so fixed-charge coverage cannot be computed.
Bullet Takeaways
- SL Green is Manhattan office concentrated to the point of purity, and the recovery is measurable: a record 929,264 square feet of Q1 2026 leasing at $105.12 average starting rents, 16.1% above prior escalated rents, with occupancy at 94.4% and guided to 95%.
- The biggest risk is cash coverage: fiscal 2025 dividends ran about 213% of adjusted funds from operations and the board cut the 2026 dividend to $2.47, while the price still pays about 30 times trailing adjusted cash earnings, the top of the REIT group, per the priced-in read on the trust's own filings (FY2025 10-K, accession 0001628280-26-008669).
- Watch the Q2 2026 closings of the 7 Dey ($222.6 million) and 10 East 53rd ($312.2 million) sales, the pace of the $7 billion refinancing program, and whether quarterly funds from operations track the reaffirmed $4.40 to $4.70 full-year guidance.
Bull Case
Watch what SL Green's management is doing with the balance sheet, because it is the clearest statement of confidence on offer. In the first months of 2026 the company completed a $1.65 billion five-year fixed-rate refinancing of One Madison Avenue at 5.81%, refinanced and extended $2.0 billion of its $2.4 billion corporate credit facility with the $1.25 billion revolver now running to June 2031, and lined up $2.5 billion of asset sales, including the residential and retail pieces of 7 Dey Street for $222.6 million and 10 East 53rd Street for $312.2 million. Lenders writing five-year fixed paper on Manhattan towers, and buyers paying nine-figure prices for individual buildings, are third parties underwriting the same assets the stock market prices at $48.68 (July 2026), below the company's own $55.14 book value per share.
The operating floor under that balance-sheet work is the strongest it has been since the office downturn began. The first quarter of 2026 was the largest first-quarter leasing volume in company history: 51 Manhattan office leases covering 929,264 square feet at a record average starting rent of $105.12 per square foot, with replacement leases signed 16.1% above the prior escalated rents. Same-store occupancy reached 94.4% and management raised its full-year target to 95% while reaffirming 2026 funds-from-operations guidance of $4.40 to $4.70 per share. Rising rents on expiring leases is the specific mechanic that converts a leasing recovery into cash flow growth, and it is now showing up in signed contracts, not projections.
The portfolio also carries earnings streams a generic office REIT does not. The SUMMIT attraction, which the 10-K notes "currently operates one location at One Vanderbilt Avenue in midtown Manhattan" (FY2025 10-K, accession 0001628280-26-008669), monetizes the skyline itself, and the debt-and-preferred-equity book lets the company earn lender returns on the same Manhattan market it operates in, a segment the filing carries with its own loss-reserve discipline (accession 0001628280-26-008669). The real-estate segment produced about $652 million of net operating income in fiscal 2025 per the 10-K's segment note (accession 0001628280-26-008669). An operator with record leasing, refreshed five-year debt, a sales pipeline validating asset values above the stock's implied prices, and a hardening occupancy floor is a recovery story where the recovery has already started printing.
Bear Case
The structural truth a holder has to face: on fiscal 2025's cash earnings, this company paid out roughly double what its buildings actually generated. Dividends of $3.44 per share ran about 169% of funds from operations and about 213% of adjusted funds from operations, the stricter base that subtracts the maintenance capital an office tower needs to stay leasable. Dividends per share have shrunk about 2.5% a year over the last five fiscal years, and in December the board reset the 2026 ordinary dividend to $2.47 per share, paid quarterly. The market prices the stock at a 7% trailing yield because it watched the payout get cut and is pricing the possibility it happens again. Cheap-looking income backed by uncovered cash flow is the classic description of a trap, and the burden of proof sits with the company.
The price is simultaneously more demanding than the yield makes it look. Read against adjusted funds from operations, today's $48.68 pays about 30 times, at the very top of the REIT group, and it embeds cash-earnings growth near the top of the REIT range sustained for roughly 14 years; historically only about half of REITs growing at that pace sustained it even ten. The trailing base is genuinely depressed (fiscal 2025 funds from operations of $2.04 per share carried heavy impairment charges, against management's $4.40 to $4.70 guidance for 2026), so part of that multiple is trough arithmetic. But the first quarter of 2026 still printed a net loss of $84.4 million, or $1.20 per share, and a recovery priced at the top of the group's multiple range leaves no room for the recovery to wobble.
The concentration risk is singular: one submarket, one asset class, one interest-rate regime. The 10-K says it directly: "We directly compete with all owners, developers and operators of similar space in the areas in which our properties are located", and on the debt side, "Increased interest expense on the extended or refinanced debt would adversely affect cash flow and our ability to service debt obligations and pay dividends and distributions to security holders" (FY2025 10-K, accession 0001628280-26-008669). That second sentence is not hypothetical: the company is mid-way through a $7 billion refinancing program in a market where five-year fixed money costs 5.81%, and the failed Caesars casino bid at Times Square left 1515 Broadway facing a credit downgrade tied to uncertainty over the asset's future use. Every tower refinanced at today's rates permanently transfers a slice of building cash flow from shareholders to lenders. The bear case is arithmetic, not narrative: rents must keep rising 16% on rollover for years, at 95% occupancy, just to grow into a multiple the market already pays.
Valuation
For a real-estate trust the price reads on adjusted funds from operations, cash earnings after the recurring capital that keeps buildings leasable, and on that basis SL Green trades at about 30 times, at the very top of the REIT group. Inverted into an assumption, $48.68 (July 2026) requires cash-earnings growth near the top of the REIT range sustained for roughly 14 years, a persistence only about 53% of comparably fast-growing REITs have managed even to year ten. That is the most demanding end of the scale, and it coexists with a genuinely depressed base: fiscal 2025 funds from operations came to $2.04 per share, weighed down by impairments, while management guides 2026 to $4.40 to $4.70. The multiple is partly a bet that the trailing year is the wrong denominator; on guided 2026 funds from operations the price is closer to 10 to 11 times the gross measure, which is why the same stock can look extreme on trailing cash and ordinary on forward guidance.
The method families disagree in a pattern worth naming. Asset-based reads land essentially at the price, anchored by $55.14 of book value per share. Sector-level multiples read the stock as cheap, with the broad EV/EBITDA and price-to-sales lenses landing well above the price. But against its own REIT cohort's funds-from-operations multiple (a 13.5-times median across 86 route peers), the price sits about 78% above what trailing FFO defends, and capitalizing trailing cash earnings supports less than half the price. The split is trailing-versus-forward, not method quirks: everything anchored to fiscal 2025's cash flows finds the price rich, and everything anchored to asset values or normalized sector pricing finds it fair. The income facts frame the wait: fiscal 2025 dividends of $3.44 per share (about a 7% trailing yield) ran roughly 169% of funds from operations and 213% of adjusted funds from operations, dividends per share have declined about 2.5% a year over five years, and the board set the 2026 ordinary dividend at $2.47, a level the guided 2026 funds from operations would cover with room.
The balance sheet is the live variable. Corporate net debt does not resolve cleanly from the filings' standard tags (REIT mortgage structures sit outside the corporate ladder), so the honest statement is directional: the company is executing a $7 billion refinancing and $2.5 billion disposition program, with One Madison refinanced at 5.81% fixed for five years and the revolver extended to 2031. Each closed sale funds the transition; each refinancing locks today's rates into the cost base. The decisive fact: this price already assumes the occupancy recovery, the 16% rent spreads, and the guidance all hold, and it pays top-of-group multiples on trailing cash for the privilege.
Catalysts
The first quarter, reported April 15, 2026, defined the year's tension: a net loss of $84.4 million ($1.20 per share) and funds from operations of $0.84 per share against the largest first-quarter leasing volume in company history, 51 Manhattan leases for 929,264 square feet at record $105.12 average starting rents with 16.1% positive replacement spreads. Management raised the full-year occupancy target to 95% and held 2026 funds-from-operations guidance at $4.40 to $4.70 per share. The quarterly prints from here are pass-fail tests of that guidance; the leasing pipeline and occupancy line are the two numbers that decide whether the trailing year's depressed cash earnings were trough or trend.
The transaction calendar is dense and dated. The 7 Dey Street residential and retail sale ($222.6 million) is expected to close in the second quarter, the 10 East 53rd Street sale to Meadow Partners ($312.2 million) in the third. Both sit inside a stated $2.5 billion disposition program running alongside $7 billion of refinancings, of which the One Madison Avenue $1.65 billion five-year 5.81% fixed-rate deal and the $2.0 billion corporate facility extension (revolver to June 2031) are already done. Each closing is a mark on Manhattan asset values that either supports or undercuts the stock's discount to book.
Two loose threads carry asymmetric news risk. The failed Caesars casino bid left 1515 Broadway with a credit downgrade tied to uncertainty over the asset's future use, and any resolution (re-leasing, restructuring, or sale) removes a standing question mark. And the dividend, reset to $2.47 for 2026 and paid quarterly since April, is now the covenant with shareholders: guided funds from operations cover it, so any guidance cut would put it back in play, while a year of delivery at the $4.55 midpoint would make the current 30-times trailing multiple retroactively cheap.
Peer Cohorts (Per Segment, With Filing Citations)
Real Estate (reported)
- BXP (BXP, INC.)
- FY2025 10-K: …on matters under its purview, including risk management and cybersecurity matters. 41 Table of Contents Item 2. Properties. At December 31, 2025, we owned or had joint venture interests in 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier…
- FY2025 10-K: …does not include Furniture, Fixtures and Equipment totaling approximately $ 54,160 . Accumulated Depreciation does not include approximately $ 36,897 of accumulated depreciation related to Furniture, Fixtures and Equipment. Office type includes office, life sciences, and retail properties. The aggregate cost and…
- VNO (VORNADO REALTY TRUST)
- FY2025 10-K: …in two reportable segments: New York and Other. The following pages provide details of our real estate properties as of December 31, 2025. Square Feet NEW YORK SEGMENT Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property PENN 1 (ground leased through 2098) (1)…
- FY2025 10-K: …asset if the component is clearly and closely related to the nonfinancial asset being purchased or sold. ASU 2025-09 is effective for all entities for annual reporting periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated…
- KRC (KILROY REALTY CORPORATION)
- FY2025 10-K: …property partnership. (12) This property is owned by 100 First Street Member LLC, a consolidated property partnership. (13) This property secures a $ 148.8 million mortgage note. (14) This property is owned by 303 Second Street Member LLC, a consolidated property partnership. (15) This property is currently in the…
- FY2025 10-K: …premier office, life science, and mixed-use property types in the United States. Our approach to modern business environments is designed to drive creativity and productivity for some of the world's leading technology, media, life science, and business services companies and we have been consistently recognized for…
- CUZ (COUSINS PROPERTIES INC)
- FY2025 10-K: …and other information regarding issuers, including us, that file electronically with the SEC at www.sec.gov . 3 Table of Contents Item 1A. Risk Factors Below are the risks we believe investors should consider carefully in evaluating an investment in our securities. General Risks of Owning and Operating Real Estate…
- FY2025 10-K: …impairment. If we decide to sell a real estate asset rather than holding it for long-term investment or if we reduce our estimates of future cash flows on a real estate asset, the risk of impairment increases. In some cases, our joint venture partners may elect to require a sale of a real estate asset that we…
- HIW (HIGHWOODS PROPERTIES, INC.)
- FY2025 10-K: …Estate For sales of real estate where we have determined an enforceable contract exists and collection of the consideration to which we are entitled in exchange for transferring the real estate is probable, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is…
- FY2025 10-K: …will be funded with $ 64.3 million of preferred equity contributed by us, $ 36.0 million of common equity contributed by us and $ 9.0 million of common equity contributed by Granite. The preferred equity contributed by us will be entitled to receive monthly distributions at a rate of 5.75 %. We have a right to buy,…
- DEI (Douglas Emmett, Inc.)
- FY2025 10-K: …provides guidance on improvements to hedge accounting. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within that fiscal year. The requirements in the ASU should be applied on a prospective basis. We do not expect the ASU to have a material impact on our financial…
- FY2025 10-K: …date thereof. We actively pursue opportunities for what we believe to be well-located and high quality buildings that may be in a transitional phase due to current or impending vacancies. We cannot assure that any such vacancies will be filled following a property acquisition, or that new tenant leases will be…
- ESRT (Empire State Realty Trust, Inc.)
- FY2025 10-K: …of Nonfinancial Assets. Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We do not sell real estate within the ordinary course of our business and therefore, expect that sale transactions will not be contracts with customers. We will next determine whether we…
- FY2025 10-K: New York City where we operate. We compete with numerous acquirers, developers, owners and operators of commercial real estate, many of which own or may seek to acquire or develop properties similar to ours in the same markets in which our properties are located. The principal means of competition are rent charged,…
SUMMIT (reported)
- BXP (BXP, INC.)
- FY2025 10-K: …bxp:BostonPropertiesLimitedPartnershipMember 2025-12-31 0001037540 us-gaap:LandMember bxp:CityPointSouthMasterPlanMember bxp:BostonPropertiesLimitedPartnershipMember 2025-01-01 2025-12-31 0001037540 us-gaap:LandMember bxp:NorthFirstMasterPlanMember bxp:BostonPropertiesLimitedPartnershipMember 2025-12-31 0001037540…
- FY2025 10-K: …2024-07-31 2024-07-31 0001037540 bxp:BostonPropertiesLimitedPartnershipMember bxp:OpUnitsAndLTIPUnitsMember 2024-04-30 2024-04-30 0001037540 bxp:BostonPropertiesLimitedPartnershipMember bxp:UnvestedMYLTIPUnitsMember 2024-04-30 2024-04-30 0001037540 bxp:BostonPropertiesLimitedPartnershipMember…
- VNO (VORNADO REALTY TRUST)
- FY2025 10-K: …2023-06-29 2023-06-29 0000899689 vno:PerformanceConditionedAppreciationOnlyLongTermIncentivePlanUnitsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember vno:FourthAnniversaryOfTheGrantDateMember vno:A2023OmnibusSharePlanMember 2023-06-29 2023-06-29 0000899689…
- FY2025 10-K: -gaap:CorporateJointVentureMember 2024-01-01 2024-12-31 0000899689 vno:FeeAndOtherIncomeMember vno:FifthAvenueandTimesSquareJVMember us-gaap:CorporateJointVentureMember 2023-01-01 2023-12-31 0000899689 vno:FifthAvenueandTimesSquareJVMember us-gaap:CorporateJointVentureMember vno:A666FifthAvenueMember 2025-01-08…
- KRC (KILROY REALTY CORPORATION)
- FY2025 10-K: …Stock Unit Agreement (previously filed by Kilroy Realty Corporation as an exhibit on Form 10-Q for the quarter ended March 31, 2014) 10.7† Form of Restricted Stock Unit Agreement (previously filed by Kilroy Realty Corporation as an exhibit on Form 10-Q for the quarter ended March 31, 2014) 10.8† Form of Restricted…
- FY2025 10-K: 025996 srt:OfficeBuildingMember krc:HooperStreetSanFranciscoCAMember 2025-12-31 0001025996 krc:HooperStreetSanFranciscoCAMember 2025-12-31 0001025996 krc:ThirdStreet201SanFranciscoCaMember 2025-12-31 0001025996 krc:A360ThirdSt.SanFranciscoCAMember 2025-12-31 0001025996 krc:BrannanStreetSanFranciscoMember 2025-12-31…
- CUZ (COUSINS PROPERTIES INC)
- FY2025 10-K: …2025-12-31 0000025232 cuz:OperatingPropertiesMember cuz:PhoenixAZMember cuz:A100MillMember 2025-12-31 0000025232 cuz:OperatingPropertiesMember cuz:PhoenixAZMember cuz:A100MillMember srt:MinimumMember 2025-12-31 0000025232 cuz:OperatingPropertiesMember cuz:PhoenixAZMember cuz:A100MillMember srt:MaximumMember…
- FY2025 10-K: …us-gaap:LineOfCreditMember 2022-05-02 2022-05-02 0000025232 us-gaap:SecuredOvernightFinancingRateSofrMember srt:MaximumMember us-gaap:LineOfCreditMember 2022-05-02 2022-05-02 0000025232 us-gaap:FederalFundsEffectiveSwapRateMember us-gaap:LineOfCreditMember 2022-05-02 2022-05-02 0000025232 cuz:TermSOFRMember…
- HIW (HIGHWOODS PROPERTIES, INC.)
- FY2025 10-K: 2-31 0000921082 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0000921082 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0000921082 srt:SubsidiariesMember hiw:GeneralPartnerCommonUnitsMember 2024-12-31 0000921082 srt:SubsidiariesMember…
- FY2025 10-K: …srt:MinimumMember 2025-12-31 0000921082 hiw:NashvilleTnSouthpointeMember srt:MaximumMember 2025-12-31 0000921082 hiw:NashvilleTnWestwoodSouthMember srt:MinimumMember 2025-12-31 0000921082 hiw:NashvilleTnWestwoodSouthMember srt:MaximumMember 2025-12-31 0000921082 hiw:NashvilleTnWinnersCircleMember srt:MinimumMember…
- DEI (Douglas Emmett, Inc.)
- FY2025 10-K: …90401 (telephone 310-255-7700). Available Information We make available on our website at www.douglasemmett.com our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments thereto, free of charge, as soon as reasonably practicable after we file such reports with,…
- FY2025 10-K: …medical condition, genetic information, military or veteran status, political opinion or any other status protected by applicable law. Recruitment, hiring, placement, development, training, compensation and advancement may not be based on any of these factors, but should instead be based on factors such as…
- ESRT (Empire State Realty Trust, Inc.)
- FY2025 10-K: …us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-31 0001541401 esrt:OneGrandCentralPlaceMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-12-31 0001541401 esrt:OneGrandCentralPlaceMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-01-01…
- FY2025 10-K: …esrt:TimeBasedLongTermIncentivePlanUnitMember 2025-01-01 2025-12-31 0001541401 esrt:GrantedIn2020AndAfterMember 2025-01-01 2025-12-31 0001541401 srt:MinimumMember esrt:MarketBasedLongTermIncentivePlanUnitMember 2025-01-01 2025-12-31 0001541401 srt:MaximumMember esrt:MarketBasedLongTermIncentivePlanUnitMember…
- AAT (AMERICAN ASSETS TRUST, INC.)
- FY2025 10-K: -gaap:RestrictedStockMember aat:December42024OneMember srt:MinimumMember 2024-12-04 2024-12-04 0001500217 us-gaap:RestrictedStockMember aat:December42024OneMember srt:MaximumMember 2024-12-04 2024-12-04 0001500217 us-gaap:RestrictedStockMember aat:December42024OneMember 2024-12-04 2024-12-04 0001500217…
- FY2025 10-K: …aat:ThirdAmendedAndRestatedCreditFacilityMember srt:MaximumMember aat:AmericanAssetsTrustL.P.Member us-gaap:LineOfCreditMember 2022-01-05 2022-01-05 0001500217 us-gaap:SecuredOvernightFinancingRateSofrMember aat:ThirdAmendedAndRestatedCreditFacilityMember srt:MinimumMember aat:AmericanAssetsTrustL.P.Member…
DPE (Debt and Preferred Equity investments) (reported)
- ARI (Apollo Commercial Real Estate Finance, Inc.)
- FY2025 10-K: …expected credit loss ("CECL") allowances. Actual results may differ from estimates. Certain reclassifications have been made to previously reported amounts to conform to the current period's presentation. We currently operate in one reporting segment. See further discussion in "Note 19 - Segment Reporting."…
- FY2025 10-K: …whether instruments similar to our mezzanine loans and preferred equity investments will be treated as equity or debt for U.S. federal income tax purposes. We treat our mezzanine loans and our preferred equity investments that have a debt-like fixed return and redemption date as debt for U.S. federal income tax…
- ABR (Arbor Realty Trust, Inc.)
- FY2025 10-K: …financing substitutes. With preferred equity investments, we typically become a member in the ownership entity. Similar to our bridge loans, the yield on these investments may be enhanced by prepaid and deferred interest payments, yield look-backs and participating interests. Structured Transactions. We also…
- FY2025 10-K: …underwritten to an Agency-qualifying loan exit, which facilitates a smooth transition to permanent financing through our GSE and 3 Table of Contents HUD lending platform. Our construction lending also complements our SFR lending program by expanding our ability to support borrowers across both multifamily and…
- RITM (Rithm Capital Corp.)
- FY2025 10-K: …at fair value under the fair value option election. The investment is valued using an internal discounted cash flow pricing model to estimate the fair value of the investment. As of December 31, 2025 and 2024, the fair value of the investment was $ 194.3 million and $ 194.4 million, respectively. As the discount r…
- FY2025 10-K: …by merger to Mr. Cooper Group Inc. ("Mr. Cooper"). Servicer Advance Investments Our servicer advance investments are associated with specified pools of residential mortgage loans in which we have contractually assumed the servicing advance obligation and include the related outstanding servicer advances, the…
- EFC (Ellington Financial Inc.)
- FY2025 10-K: 02.2 million, respectively. Such investments are included in Investments in unconsolidated entities, on the Consolidated Balance Sheet. The consumer, residential mortgage, and certain commercial mortgage loans that are the subject of the foregoing loan transactions are held in trusts, each of which the Company has…
- FY2025 10-K: …in various consolidated subsidiaries of the Company. These subsidiaries hold the Company's investments in certain commercial mortgage loans and REO. The joint venture partners participate in the income, expense, gains and losses of such subsidiaries as set forth in the related operating agreements of the…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.
Sources
SL Green Q1 2026 disclosures and transaction announcements, 2026 · Q1 2026 earnings release, April 15, 2026 · SL Green dividend announcement, December 2025 · One Madison refinancing disclosure, 2026 · press reports on 1515 Broadway, April 2026 · SL Green transaction disclosures, 2026 · SL Green transaction announcements, 2026 · SL Green disclosures, 2026 · press reports, April 2026