SL Green CIO Sells $2.3M as JPMorgan Lifts Target to $61
SL Green President and CIO Harrison Sitomer sold roughly 40,000 shares for $2.32 million on August 20-21 at prices below the $61 target JPMorgan raised shortly after, following a Q2 2026 FFO beat of $
SL Green CIO Sells $2.3M as JPMorgan Lifts Target to $61
NEW YORK, August 27 —
SL Green Realty Corp. (SLG) President and CIO Harrison Sitomer sold $2.32 million in stock on August 20-21 at prices below the $61 target JPMorgan Chase raised shortly after. The sell-side lift came days after SLG beat consensus EPS by 82.2%, but the executive with the deepest view of the company's 54-building Manhattan portfolio chose to sell, not hold.
- Q2 2026 FFO of $1.45 per share; EPS beat consensus by 82.2%, the second beat in four quarters.
- Sitomer's two-day sales: roughly 40,000 shares at $57.69, $58.52, generating $2.32 million; no offsetting purchases in 90 days.
- Short interest at 24.7% of float; consensus price target $57.23 sits below current share price of $58.51.
The Price Sitomer Accepted
SL Green's Harrison Sitomer, whose role as President and CIO gives him the most direct operational visibility into Manhattan's largest office portfolio, sold 16,887 shares on August 20 at $58.52 and another 22,414 shares the following day at $57.69, per Form 4 filings. The combined disposal of roughly 40,000 shares generated $2.32 million, with no offsetting purchases in the prior 90 days. The prices Sitomer accepted sit below JPMorgan's freshly raised $61 target, meaning the insider sold at a discount to where the bank's analyst believes the stock belongs.
The Quarter Behind the Upgrade
SL Green, which acquires, manages, and leases Manhattan commercial real estate across 30.6 million square feet in 54 buildings, posted Q2 2026 FFO of $1.45 per share and beat consensus EPS estimates by 82.2%, the second beat in four quarters after two consecutive misses. Trailing twelve-month revenue reached $1.0 billion, up 27.3% year-over-year, and the company generated $581 million in free cash flow despite a GAAP EPS loss of -$2.72, a gap attributable to non-cash depreciation standard in large office REITs. JPMorgan raised its price target after the print, placing SLG 4.3% above its current share price.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| SLG | $4.5B | n/a | +3.2% |
| VNO | $7.7B | 125.9x | +3.7% |
| BXP | $12.7B | 32.2x | -1.9% |
| REG | $14.2B | 30.0x | +5.8% |
| ESS | $19.5B | 45.9x | +7.6% |
| ARE | $9.0B | n/a | -35.3% |
Where the Thesis Gets Tested
The market's positioning complicates the picture. Short interest at 24.7% of float reflects substantial bearish conviction, and the consensus analyst target of $57.23 sits below the current $58.51, a gap that precedes any move toward JPMorgan's above-consensus target. SLG carries $6.30 billion in total debt against $0.19 billion in cash; refinancing cost is the variable most likely to shift the equity story. The next quarterly FFO print is the clearest near-term checkpoint. Investors stress-testing equity value against rate assumptions can use the DCF calculator; for SLG's full financial profile, run the free SL Green Realty Corp. deep-dive.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why did SL Green's CIO sell $2.3M in stock?
Harrison Sitomer, President and CIO of SL Green, sold roughly 40,000 shares across two days, August 20 and 21, at prices between $57.69 and $58.52 per share, generating $2.32 million in proceeds per Form 4 filings. The article records no offsetting purchases in the prior 90 days. No stated reason for the sale appears in the filing or the article.
What was SL Green's Q2 2026 FFO per share?
SL Green posted Q2 2026 FFO of $1.45 per share, beating consensus EPS estimates by 82.2%. That result was the second beat in four quarters, following two consecutive misses. Trailing twelve-month revenue reached $1.0 billion, up 27.3% year-over-year.
What is JPMorgan's price target for SL Green stock?
JPMorgan Chase raised its price target for SLG to $61 following the Q2 2026 earnings print. That target positions the stock 4.3% above its current share price of $58.51. The broader consensus analyst target stands at $57.23, which sits below where the stock is currently trading.
How high is SLG's short interest?
Short interest in SL Green stands at 24.7% of float, reflecting substantial bearish conviction. The consensus analyst price target of $57.23 sits below the current share price of $58.51. SL Green carries $6.30 billion in total debt against $0.19 billion in cash.
How large is SL Green's Manhattan office portfolio?
SL Green acquires, manages, and leases Manhattan commercial real estate across 30.6 million square feet in 54 buildings. The company generated $581 million in free cash flow in the trailing twelve months despite a GAAP EPS loss of $2.72. That GAAP loss is attributable to non-cash depreciation, which is standard in large office REITs.
SL Green Realty's President and Chief Investment Officer Harrison Sitomer sold more than $2.32 million worth of SLG stock across two consecutive days this week, even as JPMorgan Chase raised its price target on the Manhattan office REIT to $61 — roughly 4% above where the insider was willing to sell.