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Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-11 | Holliday Marc Chief Executive Officer | Other12d late | 92,025 | $54.85 | — |
| 2026-08-21 | 3 co-filers PRESIDENT & CIO | Open-market sale | 22,414 | $57.69 | $1.3m |
| 2026-08-21 | 3 co-filers PRESIDENT & CIO | Open-market sale | 699 | $58.51 | $41k |
| 2026-08-20 | 3 co-filers PRESIDENT & CIO | Open-market sale | 16,887 | $58.52 | $988k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 2026-06-24 |
Diliberto Matthew J. CHIEF FINANCIAL OFFICER |
| Other |
| 18,735 |
| $50.65 |
| — |
| 2026-06-24 | Holliday Marc PRESIDENT & CEO | Other | 92,025 | $50.65 | — |
| 2026-05-19 | Mathias Andrew W Director | Other9d late | 100,000 | $43.94 | — |
| 2026-05-04 | Diliberto Matthew J. CHIEF FINANCIAL OFFICER | Other | 19,000 | $42.89 | — |
| 2026-05-04 | Levine Andrew S CHIEF LEGAL OFFICER & GC | Other | 33,542 | $42.89 | — |
| 2026-03-30 | Brown Carol N Director | Open-market sale | 5,004 | $36.33 | $182k |
| 2026-02-27 | Sitomer Harrison PRESIDENT & CIO | Grant6d late | 85,492 | $0.00 | $0 |
| 2026-02-12 | 6 co-filers CHIEF FINANCIAL OFFICER | Grant | 33,999 | $0.00 | — |
| 2026-02-12 | 2 co-filers Group filing | Grant | 100,617 | $0.00 | — |
| 2026-02-12 | 3 co-filers PRESIDENT & CEO | Grant | 110,387 | $0.00 | — |
| 2026-02-12 | 4 co-filers CHIEF LEGAL OFFICER & GC | Grant | 32,012 | $0.00 | — |
| 2026-02-12 | 2 co-filers Group filing | Grant | 100,617 | $0.00 | — |
| 2026-02-12 | 6 co-filers CHIEF FINANCIAL OFFICER | Grant | 7,729 | $0.00 | — |
| 2026-02-12 | 4 co-filers CHIEF LEGAL OFFICER & GC | Grant | 9,316 | $0.00 | — |
| 2026-02-12 | 3 co-filers PRESIDENT & CEO | Grant | 125,771 | $0.00 | — |
| 2026-02-12 | 4 co-filers CHIEF LEGAL OFFICER & GC | Grant | 9,316 | $0.00 | — |
| 2026-02-12 | 6 co-filers CHIEF FINANCIAL OFFICER | Grant | 9,316 | $0.00 | — |
| 2026-02-12 | 3 co-filers PRESIDENT & CEO | Grant | 125,771 | $0.00 | — |
| 2026-02-12 | 4 co-filers CHIEF LEGAL OFFICER & GC | Grant | 24,044 | $0.00 | — |
| 2026-02-12 | 6 co-filers CHIEF FINANCIAL OFFICER | Grant | 9,316 | $0.00 | — |
| 2026-02-12 | 6 co-filers CHIEF FINANCIAL OFFICER | Grant | 35,464 | $0.00 | — |
| 2026-02-12 | 6 co-filers CHIEF FINANCIAL OFFICER | Grant | 100,000 | $0.00 | — |
| 2026-01-30 | Holliday Marc PRESIDENT & CEO | Other | 63,036 | $46.17 | — |
| 2026-01-30 | Hatkoff Craig M Director | Other | 5,004 | $45.44 | $227k |
| 2026-01-30 | Levine Andrew S CHIEF LEGAL OFFICER & GC | Other | 10,830 | $46.17 | — |
| 2026-01-30 | Diliberto Matthew J. CHIEF FINANCIAL OFFICER | Other | 11,600 | $46.17 | — |
| 2026-01-09 | 3 co-filers Group filing | Other | 1,645 | $45.87 | — |
| 2026-01-05 | Green Stephen L Director | Grant | 5,004 | $0.00 | — |
| 2026-01-05 | 3 co-filers Group filing | Grant | 5,004 | $0.00 | — |
| 2026-01-05 | Brown Carol N Director | Grant | 5,004 | $0.00 | $0 |
| 2026-01-05 | Lamb Peggy Director | Grant | 5,004 | $0.00 | — |
| 2026-01-05 | Dillard Lauren B. Director | Grant | 5,004 | $0.00 | $0 |
| 2026-01-05 | Mathias Andrew W Director | Grant | 5,004 | $0.00 | — |
| 2026-01-05 | Hatkoff Craig M Director | Grant | 5,004 | $0.00 | $0 |
| 2026-01-05 | 3 co-filers Group filing | Other | 5,004 | $46.96 | — |
| 2025-12-23 | 4 co-filers PRESIDENT & CEO | Open-market sale1d late | 22,223 | $44.40 | $987k |
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (293%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $242.6M dividends + $0 buybacks = $242.6M returned on $82.9M FCF.
1 consecutive years of dividend increases · 1%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: -3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 69th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -3% against ROIC -3% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 7.5 | 8.1 | 8.7 | 11.0 | 10.2 | 12.2 | 9.6 | 8.9 |
| Operating Income | — | — | — | — | 65.9 | 65.5 | 82.4 | 65.0 |
| Income Tax | 0.2 | 0.1 | 0.1 | 0.3 | 0.3 | 1.0 | 0.1 | — |
| Net Income | 20.1 | 21.8 | 35.2 | 55.8 | -8.3 | -65.6 | 3.4 | -9.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SLG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $155.7M is below the $1.89B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Coverage is adequate but not comfortable.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B 100.0% | $886.3M 100.0% | $913.7M 100.0% | $919.5M 100.0% | $861.3M 100.0% | $1.05B 100.0% | $1.24B 100.0% | $1.23B 100.0% | $1.51B 100.0% | $1.86B 100.0% |
| Selling, General & Admin | $89.3M 8.9% | $85.2M 9.6% | $111.4M 12.2% | $93.8M 10.2% | $94.9M 11.0% | $91.8M 8.7% | $100.9M 8.1% | $92.6M 7.5% | $100.5M 6.6% | $99.8M 5.4% |
| Total Operating Expenses | — | — | — | — | — | — | — | — | — | $312.9M 16.8% |
| Operating Income | $651.9M 65.0% | $730.6M 82.4% | $598.7M 65.5% | $605.6M 65.9% | — | — | — | — | — | — |
| Interest Expense | $215.6M 21.5% | $196.3M 22.2% | $228.8M 25.0% | $166.5M 18.1% | $145.2M 16.9% | $185.9M 17.7% | $246.8M 19.9% | $236.7M 19.3% | $257.0M 17.0% | $321.2M 17.2% |
| Pretax Income | — | — | — | — | — | — | — | — | $165.0M 10.9% | -$4.6M -0.2% |
| Income Tax Expense | — | $700K 0.1% | $9.2M 1.0% | $2.6M 0.3% | $2.8M 0.3% | $1.2M 0.1% | $1.5M 0.1% | $2.8M 0.2% | $4.3M 0.3% | $2.8M 0.2% |
| Net Income | -$96.9M -9.7% | $30.2M 3.4% | -$599.3M -65.6% | -$76.3M -8.3% | $480.6M 55.8% | $371.1M 35.2% | $270.4M 21.8% | $247.3M 20.1% | $101.4M 6.7% | $249.9M 13.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.61 | $0.08 | -$9.12 | -$1.49 | $6.57 | $5.03 | $3.29 | $2.75 | $0.88 | $2.35 |
| EPS (Diluted) | -$1.61 | $0.08 | -$9.12 | -$1.49 | $6.50 | $5.01 | $3.28 | $2.75 | $0.87 | $2.34 |
| Weighted Avg Shares (Basic) | 70.4M | 65.1M | 63.8M | 63.9M | 65.7M | 70.4M | 77.1M | 84.1M | 98.6M | 100.2M |
| Weighted Avg Shares (Diluted) | 70.4M | 65.7M | 68.0M | 67.9M | 70.8M | 75.1M | 81.9M | 89.1M | 103.4M | 104.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 31 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRT | $5.8B | 20.9× | 16.3× | 10.3× | 24.8% | — | 45.1% | 6.0% | 3.8% | 4.9× | 65 |
| OUT | $5.6B | 39.0× | 21.1× | 3.1× | 0.0% | — | 8.0% | 20.7% | 4.5% | 6.5× | 65 |
| RITM | $5.2B | 8.9× | 46.7× | 1.1× | -6.7% | — | 15.2% | 8.3% | 1.6% | — | 141 |
| SBRA | $5.0B | 30.8× | 22.7× | 6.5× | 10.2% | — | 20.1% | 5.5% | 2.9% | 7.4× | 109 |
| KRG | $5.0B | 18.3× | — | 6.0× | 0.8% | — | 35.4% | 9.7% | 4.9% | — | 81 |
| PECO | $5.0B | 43.6× | — | 6.9× | 9.9% | — | 15.3% | 4.9% | 2.4% | — | 91 |
| CUZ | $4.9B | 123.1× | 7.5× | 4.9× | 16.0% | 68.4% | 4.1% | 0.9% | 0.5% | 3.1× | 78 |
| HHH | $4.6B | 34.5× | 16.5× | 3.1× | -15.8% | — | 8.4% | 3.3% | 1.4% | 7.3× | 55 |
| STWD | $4.5B | 10.6× | — | 2.5× | -5.3% | — | 22.3% | 6.1% | 6.1% | — | 118 |
| EPR | $4.4B | 17.6× | 12.5× | 6.2× | 2.9% | — | 38.3% | 11.8% | 5.2% | 4.9× | 121 |
| APLE | $4.4B | 25.0× | — | 3.1× | -1.3% | 40.0% | 12.4% | 5.6% | 3.7% | — | 77 |
| KRC | $4.2B | 15.6× | — | 3.8× | -2.0% | — | 27.2% | 5.6% | 5.6% | — | 86 |
| COLD | $4.1B | — | 10.6× | 1.6× | -2.4% | 32.3% | -4.4% | -4.0% | -4.0% | -0.4× | 81 |
| CDP | $3.8B | 24.9× | — | 5.0× | 1.4% | — | 20.9% | 10.5% | 3.7% | — | 68 |
| LXP | $3.6B | 33.6× | 15.0× | 10.3× | -2.3% | 81.6% | 32.3% | 5.6% | 3.3% | 3.7× | 72 |
| SLG | $3.6B | — | 3.7× | 3.6× | 13.2% | — | -9.7% | -2.6% | -2.6% | -0.2× | 76 |
| BNL | $3.5B | 34.2× | — | 7.7× | 5.2% | — | 21.2% | 3.3% | 1.8% | — | 85 |
| IRT | $3.5B | 61.3× | — | 5.3× | 2.8% | — | 8.6% | 1.6% | 1.0% | — | 91 |
| HIW | $3.4B | 21.4× | 4.0× | 4.2× | -2.4% | — | 20.2% | 6.8% | 6.8% | -0.0× | 83 |
| NHI | $3.3B | 22.2× | — | 8.8× | 12.1% | — | 37.9% | 9.3% | 5.3% | — | 69 |
| CXW | $3.1B | 28.6× | — | 1.4× | 12.7% | — | 5.3% | 8.3% | 4.4% | — | 52 |
| DRH | $2.9B | 32.4× | — | 2.6× | -0.8% | — | 9.1% | 7.0% | 4.0% | — | 61 |
| AKR | $2.6B | 190.3× | 21.4× | 6.4× | 14.2% | — | 4.1% | 0.8% | 0.4% | 8.8× | 39 |
| FCPT | $2.5B | 20.6× | — | 8.4× | 9.7% | — | 38.2% | 6.9% | 4.0% | — | 79 |
| IVT | $2.4B | 21.8× | 17.2× | 8.1× | 9.2% | — | 37.2% | 6.2% | 4.3% | 4.4× | 74 |
Peers = companies sharing SLG's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 13.4% |
| FY2017 | not reported | not reported | 6.7% |
| FY2018 | not reported | not reported | 20.1% |
| FY2019 | not reported | not reported | 21.8% |
| FY2020 | not reported | not reported | 35.2% |
| FY2021 | not reported | not reported | 52.2% |
| FY2022 | not reported | 65.9% | -8.5% |
| FY2023 | not reported | 65.5% | -61.8% |
| FY2024 | not reported | 82.4% | 2.5% |
| FY2025 | not reported | 65.0% | -9.7% |
Return on equity (-3%) and return on invested capital (-3%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Converts 2.10x of reported profit into free cash flow over 4 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.00x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a reit.
Ladder as of 2026-03-31 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $50.36, free cash flow must compound 9.71%/yr for 10 years. It has done -6.42%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 348.8% | 9.7% |
| FY2021 | −53.8% | 9.7% |
| FY2022 | 7.9% | 9.7% |
| FY2023 | −16.9% | 9.7% |
| FY2024 | −43.5% | 9.7% |
| FY2025 | −36.0% | 9.7% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$97M | −$97M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $180M | $83M |
| Operating cash flow | $83M | $83M |
| Capex | $0 | $83M |
| Free cash flow | $83M | $83M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -15.0% | not reported | not reported |
| FY2021 | -18.2% | not reported | not reported |
| FY2022 | 6.8% | not reported | not reported |
| FY2023 | -0.6% | not reported | not reported |
| FY2024 | -3.0% | not reported | not reported |
| FY2025 | 13.2% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.8 percent |
| FY2020 | -1.6 percent |
| FY2021 | 1.8 percent |
| FY2022 | -2.9 percent |
| FY2023 | -8.3 percent |
| FY2024 | -1.0 percent |
| FY2025 | -1.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.