SL Green’s Price Target Cut to $51; 491K Sq Ft Leases Signed
Scotiabank cut SL Green Realty's price target to $51 from $61 while maintaining an Outperform rating as it updates REIT development yield assumptions. SLG signed 32 Manhattan leases totaling 491,098 square feet in January–February 2026 and holds a leasing pipeline exceeding 1.0 million square feet.
1. Analyst Revises Price Target
Scotiabank lowered SL Green Realty’s price target to $51 from $61 while reiterating an Outperform rating and advising higher target development yields after reviewing Q4 results across its U.S. REIT coverage.
2. Robust Manhattan Leasing Activity
In January–February 2026 SLG signed 32 Manhattan office leases totaling 491,098 square feet and reports a leasing pipeline exceeding 1.0 million square feet, reflecting strong tenant demand and tightening concessions in Midtown.
3. Company Portfolio Overview
SL Green is Manhattan’s largest office landlord with interests in 56 buildings totaling 31.4 million square feet as of December 31, 2025, including 28.0 million square feet of owned assets and 2.7 million square feet in debt and preferred equity investments.