Group 1: SL Green Realty Corp - SL Green Realty Corp is viewed as a strong pick in the REIT sector, offering both yield and growth potential despite a 6.5% decline over the past year [1][2] - The company is expected to achieve a return of 6% to 9% over the next 18 months, with potential for double-digit returns beyond that period [3][4] - Strategic acquisitions of high-quality properties in New York City are seen as key growth drivers for the company [5][6] Group 2: AT&T - AT&T has shown a year-to-date performance increase of approximately 30%, acting like a growth tech stock while also providing a dividend yield over 6% [13][14] - The stock is anticipated to deliver double-digit growth over the next 18 months, with some near-term resistance expected [15][16] - Historical performance indicates that AT&T has provided positive returns over the long term, despite periods of volatility [16][17] Group 3: Philip Morris International - Philip Morris International is recognized for its growth potential and solid dividend offerings, with expectations of an 8% to 12% return over the next 18 months [26][29] - The company is considered a good addition to a diversified portfolio, particularly due to its international reach and growth opportunities [25][26] - Insider selling has been noted, but this is viewed as a potential buying opportunity for investors looking to accumulate shares [27][28]

Core Viewpoint - SL Green Realty Corp's shares have surpassed the average analyst 12-month target price of $79.55, currently trading at $79.62, prompting analysts to consider either downgrading on valuation or raising their target price based on the company's fundamental developments [1][3]. Analyst Target Summary - There are 11 different analyst targets contributing to the average for SL Green Realty Corp, with the lowest target at $72.00 and the highest at $90.00, resulting in a standard deviation of $6.578 [2]. - The average target price reflects a collective assessment rather than a single expert's opinion, indicating a potential for further evaluation by investors regarding the stock's future trajectory [3]. Recent Analyst Ratings Breakdown - Current ratings show 3 Strong Buy, 0 Buy, 6 Hold, 0 Sell, and 1 Strong Sell, with an average rating of 2.6, where 1 is Strong Buy and 5 is Strong Sell [4]. - The average rating has slightly decreased from 2.8 a month ago to 2.6, indicating a shift in analyst sentiment [4].

Core Viewpoint - SL Green Realty (NYSE:SLG) is experiencing an increase in stock price due to an upgrade from Citi Research, which highlights the strength of the New York office market and an improving transaction environment in New York [2] Group 1 - SL Green Realty shares rose by 2.64% in post-market trading, reaching $65.00 [2] - The upgrade from Citi Research is attributed to the recent underperformance of the office REIT, indicating a potential turnaround in the market [2]

Core Insights - SL Green is Manhattan's largest office owner and has been a public company since 1997 [2] - The company primarily focuses on core Midtown properties, especially around Grand Central, with One Vanderbilt being a hallmark project [2] - SL Green has a management team with an average tenure of over 20 years, indicating stability and experience [2] Business Activities - The company engages in debt investing, recently through a fund, which is a significant aspect of its business strategy [2] - There is a noted momentum in the market, suggesting positive trends for SL Green's operations and investments [2][3]

Core Insights - SL Green is Manhattan's largest office owner and has been a public company since 1997 [2] - The company primarily focuses on core Midtown properties, especially around Grand Central, with One Vanderbilt being a hallmark project [2] - SL Green has a management team with an average tenure of over 20 years, indicating stability and experience [2] Business Highlights - The summer has been particularly busy for SL Green, suggesting active engagement in the market [2] - The company is also involved in debt investing, recently through a fund, which may indicate diversification in its investment strategy [2] - There is a noted momentum in the market, which could present opportunities for growth and expansion [2][3]

Summary of SL Green Realty Conference Call Company Overview - **Company**: SL Green Realty Corp (NYSE:SLG) - **Industry**: Real Estate, specifically focused on office leasing in Manhattan - **Key Projects**: One Vanderbilt, 346 Madison Avenue development site - **Market Position**: Largest office owner in Manhattan, public since 1997 [2][5] Core Points and Arguments Leasing Activity - **Leasing Volume**: Over 1.5 million square feet leased to date, with an expectation of 500,000 square feet in Q3 [5] - **Pipeline**: More than 1.1 million square feet in the pipeline, with 700,000 square feet in active negotiations [5] - **Market Recovery**: Notable recovery in the Midtown South market, particularly driven by tech and AI tenant requirements [5][6] - **Rising Rents**: Increased demand leading to rising rents, especially in upper mid-price point buildings [6][15] Investment and Transactions - **Investment Strategy**: Focused on acquiring stakes in key buildings and new development sites, including 346 Madison Avenue [7][9] - **Transaction Market**: Recovery in the CMBS market and increased investor interest, driven by fundamentals rather than speculative capital [8][21] - **Debt Fund Opportunities**: Identifying opportunities in purchasing loans and portfolios, with a focus on newly capitalized deals [27][31] Market Dynamics - **Availability Rates**: Decreasing availability rates across Manhattan, with Park Avenue at approximately 5% and total Midtown at 11% [49][50] - **Tenant Demand**: Significant increase in tenant searches, with 5 million square feet more than the previous year [51] - **Concessions**: Some ability to reduce tenant incentives (TIs) and free rent in select cases, indicating a tightening market [12][82] Future Outlook - **Rent Increases**: Anticipation of material rent increases due to supply-demand dynamics, with a potential spike expected [15][50] - **Development Timeline**: New development at 346 Madison Avenue expected to follow a similar timeline to One Vanderbilt, approximately two years before moving forward [11][9] - **Occupancy Goals**: Targeting over 93% leased occupancy by year-end, currently at 91.7% [68] Additional Important Insights - **International Capital Return**: Notable return of international capital to the office market, particularly from Asian investors [19][20] - **Impact of Conversions**: Ongoing office-to-residential conversions could remove up to 40-50 million square feet from the office market [17][50] - **Market Sentiment**: General bullish sentiment regarding the Manhattan office market, with confidence in rising rents and decreasing vacancies [48][56] Conclusion SL Green Realty Corp is experiencing a robust recovery in the Manhattan office market, characterized by strong leasing activity, rising rents, and a favorable investment environment. The company is strategically positioned to capitalize on these trends through targeted acquisitions and developments.

Core Insights - The company is focused on the development of transcript-related projects, indicating a commitment to enhancing their offerings in this area [1] Group 1 - The company publishes thousands of quarterly earnings calls each quarter, showcasing significant growth and expansion in their coverage [1]

BANK OF AMERICA SECURITIES GLOBAL REAL ESTATE CONFERENCE September 10, 2025 DISCLAIMER This presentation 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, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will ...

Core Insights - SL Green (SLG) has entered into a contract to acquire 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160 million, with the deal expected to close in Q4 of this year [1][7] - The acquisition presents a strategic opportunity to develop approximately 800,000 rentable square feet in line with East Midtown rezoning, catering to strong tenant demand for new construction with advanced amenities [2][7] - The properties are located near One Vanderbilt, positioning SL Green to pursue a world-class office development in a prime market [3] Company Strategy - This acquisition underscores SL Green's commitment to acquiring assets in key markets to capture profitable growth opportunities and meet tenant needs [4] - Despite market challenges, SL Green's leasing successes have positioned it as a standout in the office real estate sector, although its shares have dropped 7.1% in the past three months compared to the industry's growth of 0.3% [4]

Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [5] - As of June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, including 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments [5] Acquisition Details - SL Green has entered into a contract to purchase 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, with the transaction expected to close in the fourth quarter of 2025 [1][2] - The acquisition represents a strategic opportunity to create a new office building on a prominent development site in Midtown East, accommodating approximately 800,000 rentable square feet due to East Midtown rezoning [3] Market Positioning - The properties are located near One Vanderbilt, in a strong office market, allowing SL Green to pursue a world-class new office development [2] - There is robust tenant demand for new construction that features modern amenities, column-free floors, and healthy workplace infrastructure, making this site a prime opportunity to meet that demand [3]