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 ...SL Green Realty is a self-managed real estate investment trust. The company is engaged in the acquisition, development, ownership, management and operation of commercial and residential real estate properties, mainly office properties, located in the New York metropolitan area. Substantially all of the company's assets are held by, and all of its operations are conducted through, SL Green Operating Partnership, L.P. (the Operating Partnership). All of the management, leasing and construction services that are provided to the properties that are wholly-owned by the company and that are provided to certain joint ventures are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership.
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