Morningstar

Morningstar, Inc.

Equity Bottom-Up

Shares of SL Green are up around 3% after the company reported impressive second-quarter results, suggesting that investor trepidation surrounding the New York City office market is unwarranted. The company reported funds from operations of $1.82 per share, up from $1.69 in the second quarter of 2018. We think these results support our assertion that the long-term prospects for the Manhattan office market remain robust despite a recent flurry of supply additions, most notably the Hudson Yards…

SL Green continues to lead the way in the Manhattan commercial real estate market. Its portfolio of Class A and trophy properties should continue to attract the most elite tenants with the deepest pockets, and with the cost of its newest development, One Vanderbilt, exceeding $3 billion, the company certainly needs it. Overall, we think SL Green’s portfolio contains the best properties in the best market. Office space will see about 18 million square feet of incoming supply over the next several…

SL Green reported decent first-quarter results largely in line with our expectations, with the company reporting funds from operations of $1.68 per share compared with $1.66 per share in the first quarter of 2018. With these recent results, we maintain our long-term thesis that SL Green’s high-quality Manhattan assets will continue to attract elite tenants with deep pockets. Accordingly, we expect to maintain our fair value estimate for no-moat SL Green at $102 per share
During the first…

United States

SL Green Realty Corp. is a fully integrated, self-administered, and self-managed real estate investment trust. The Trust is exclusively focused on owning and operating office buildings in Manhattan.

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