SL Green Realty Corp. (SLG) has a portfolio of high-quality and well-amenitized office properties in New York City, which positions it well for growth. This New York-based office real estate investment trust (REIT) primarily acquires, manages, develops and leases commercial (mainly office) and residential real estate properties. It has been witnessing healthy demand for its properties amid the growing need for premier office spaces. Shares of this currently Zacks Rank #2 (Buy) company have rallied 25.8% ove ...

SL Green (SLG) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a changing earnings pict ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

Core Viewpoint - The article presents a buy recommendation for SL Green (NYSE: SLG), highlighting that the stock remains undervalued based on net asset value and historical Price/FFO metrics despite a strong performance year to date [1]. Group 1: Investment Strategy - The investment strategy focuses on identifying companies with high potential for substantial revenue and earnings growth that are not fully reflected in current market prices [1]. - The investor prefers to avoid positions in GAAP unprofitable stocks, and if such positions are taken, they are kept small [1]. - There is a preference for investing in less cyclical and higher growth sectors, with a geographical bias towards the United States [1]. Group 2: Personal Insights - Writing is viewed as a method to clarify thoughts and maintain rigor in the research process, as well as to hold oneself accountable [1]. - The investor encourages all active investors to engage in writing as a beneficial exercise, regardless of whether the writings are intended for publication [1]. - Seeking Alpha is recognized as a valuable resource with a vibrant community, and contributing to it is seen as a natural progression for the investor [1].

Shares of SL Green Realty (SLG) have risen 38.5% in the past six months compared with the industry's upside of 17.5%. Last July, SLG reported a second-quarter 2024 FFO per share of $2.05, which outpaced the Zacks Consensus Estimate of $1.62. Results reflected decent leasing activity in its Manhattan portfolio. SL Green also raised its guidance for 2024 FFO per share. Analysts seem bullish on this Zacks Rank #3 (Hold) company, with the Zacks Consensus Estimate for its 2024 FFO per share revised upward margin ...

NEW YORK, Sept. 09, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, today announced that it will release its earnings for the third quarter of 2024 on Wednesday, October 16, 2024 after market close. The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 17, 2024 at 2:00pm ET to discuss the financial results. Simultaneous with the earnings release, ...

Core Insights - SL Green Realty Corp. has successfully modified and extended the mortgage on 220 East 42nd Street, reducing the principal balance by $9.0 million to $496.4 million and extending the maturity date to December 2027 [1][2]. Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT), focusing on acquiring, managing, and maximizing the value of Manhattan commercial properties [6]. - As of June 30, 2024, the company held interests in 55 buildings totaling 31.8 million square feet, including 28.1 million square feet of Manhattan buildings [6]. Mortgage Details - The interest rate on the modified mortgage remains at 2.75% over term SOFR, which has been fixed at 6.77% through the maturity date [2]. - The building, known as The Daily News Building, is currently 91% occupied with notable tenants such as Visiting Nurse Services, Omnicom Group, United Nations Development Program, and WPIX [4]. Market Position - The extension of the mortgage highlights the strong relationships SL Green has with lenders and reflects the confidence in Manhattan's office properties [3].

"This extension further emphasizes our strong relationships with the lending community and the confidence lenders have in fortress Manhattan office properties," said Harrison Sitomer, Chief Investment Officer of SL Green. About SL Green Realty Corp. This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, ...

Core Viewpoint - SL Green is experiencing significant business growth despite the broader downturn in the office sector, with management successfully executing their business plan and achieving notable accomplishments in the second quarter of 2024 [1][3][7]. Summary by Category Business Performance - SL Green signed retail leases totaling over 66,000 square feet [1] - The company announced sale closings totaling $691 million [1] - Office leasing volume exceeded 1.4 million square feet in 2024 [1] - Management raised the guidance range for cash flow for the fiscal year [1] - Occupancy rates have slightly increased due to active leasing and sales [1][3] Financial Metrics - Funds flow from operations is holding up better than the previous fiscal year, with improved per share amounts [3] - The stock price has more than doubled from its low in fiscal year 2023 [5][6] - The company is relaxing some debt paydown goals temporarily, allowing for more business opportunities [3] Strategic Initiatives - SL Green is expanding its operations internationally with a new location in France [1] - The company is focused on buying and rehabbing old buildings in prime locations, which has proven successful [12] - A building conversion from office to housing is planned to start next year [1] Market Position - SL Green is leading an industry recovery while many office REITs are struggling [3][7] - The management's ability to set the right price for market conditions has been a key factor in their success [1][6] - The company’s strategy contrasts with other REITs that are facing significant challenges in the current market [1][12]

Core Insights - SL Green Realty Corp. has made significant strides in retail leasing and property sales, enhancing its portfolio and financial outlook [2][5][12] Retail Leasing Achievements - The company has signed multiple long-term retail leases, including a 15-year lease for 11,983 square feet with La Tête d'Or by Chef Daniel Boulud and another 15-year lease for 13,558 square feet with Delicious Hospitality Group [3][11] - Notable leases also include Brasserie Cognac at 461 Fifth Avenue for 13,687 square feet and a renewal by Chase Bank for 4,718 square feet at 810 Seventh Avenue [4][10] - Overall, SL Green has achieved full retail occupancy at One Madison Avenue, signing retail leases covering a total of 66,014 square feet since the end of Q1 2024 [10] Property Sales - The company completed the sale of three properties for a total of $691.4 million, resulting in net proceeds of $222.7 million used for corporate debt repayment [12] - Additionally, all 10 units of the exclusive Giorgio Armani Residences are under contract for a gross consideration of $168.2 million, with sales expected to conclude in Q4 2024 [5] Financial Performance - SL Green reported strong second-quarter 2024 results, with funds from operations (FFO) per share of $2.05, exceeding the Zacks Consensus Estimate of $1.62 and up from $1.43 a year ago [6] - The company has raised its 2024 FFO per share outlook to a range of $7.45-$7.75, reflecting improved performance and additional fee generation [14] Market Position and Outlook - Despite challenges in the office real estate sector, SL Green's solid portfolio and long-term leases position it well for growth [7] - The company has executed encouraging leases recently, including a renewal and expansion with Ares Management for 307,336 square feet and a new lease with Elliot Management Corporation for 149,437 square feet [13]