SL Green Preferreds: Office Markets Rationalizing With Redevelopments In NYC

SL Green Realty Corp. Preferreds (NYSE:SLG.PR.I) continue to show distress, trading meaningfully below liquidation preference value and with incomes under substantial pressure as the rent situation in its Manhattan markets crystallizes at significantly lower levels per square foot. They are still paying the dividend, contrary to worries in our last article from more than a year ago, and they are managing to refinance things as apparently creditors are willing to give them a chance, but the dangers are big h ...