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SL Green Realty Corp - Stock Quote SLG

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Morningstar's SL Green Realty Corp Stock Analysis

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SL Green Realty Reports First-Quarter Results Largely in Line With Our Expectations

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated SL Green Realty reported first-quarter results that were largely in line with our expectations. The firm reported funds from operations, or FFO, of $1.65 per share, 4.6% lower than the $1.73 in FFO during the first quarter of 2021. The Manhattan office real estate market continues to be under stress as the mark-to-market on signed Manhattan office leases for the company were 15.1% lower for the first quarter of 2022 than the previous fully escalated rents on the same spaces. After incorporating first-quarter results, we are maintaining our $79 fair value estimate for SL Green Realty.

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SL Green Realty Corp's Company Profile

Business Description

SL Green is the largest Manhattan property owner and landlord, with around 46 million square feet of wholly owned and joint venture office space. The company has additional property exposure through its limited portfolio of well-located retail space. It operates as a real estate investment trust.

420 Lexington Avenue
New York, NY, 10170
T +1 212 594-2700
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 931

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