Initiating Coverage on Office REITs: SL Green, Empire State, and Kilroy Realty
We are initiating coverage on office REITs SL Green Realty Corporation, Empire State Realty Trust, and Kilroy Realty Corporation, with fair value estimates of $114, $18.30, and $76, respectively, and no-moat ratings. SL Green and Empire State own and operate office and retail space in Manhattan and the greater New York metropolitan area, whereas Kilroy is mainly an office space owner and operator focused throughout the West Coast. We want to highlight three key points from our initiation: 1) We ...Kilroy Realty is a self-administered real estate investment trust engaged in premier office and mixed-use submarkets along the West Coast. The company owns, develops, acquires and manages real estate assets, consisting primarily of class A properties in the coastal regions of Greater Los Angeles, San Diego County, the San Francisco Bay Area and Greater Seattle. The company owns its interests in all of its real estate assets through Kilroy Realty, L.P. (Operating Partnership) and Kilroy Realty Finance Partnership, L.P. and conducts substantially all of its operations through the Operating Partnership. The company's stabilized portfolio of operating properties include stabilized office and residential properties.
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