SL Green Realty Corp (SLG · NYSE)

SL Green shares have fallen 10% over the past month to $48.81, though the stock remains 7.4% above its 200-day moving average and 17.4% below its 52-week high. The Manhattan office REIT posted Q2 revenue of $264.0M, up 27.3% year over year, and beat estimates with adjusted EPS of $1.43 versus $1.19 expected, but net income was negative at $-26.5M and free cash flow ran $-115.0M for the quarter. Leverage remains elevated at 14.5x debt/EBITDA on $5.17B of total debt against $180.8M in cash, and trailing profitability is weak with a -16.7% profit margin and -3.6% ROE. Recent developments include a Zacks upgrade to strong-buy (consensus still hold), Bank of America's purchase of 481,648 shares, and a CompStak report citing AI firms boosting Manhattan office leasing.