SL Green Delivers Reasonable 2018; Reconsidering FVE
No-moat-rated SL Green Realty delivered full-year results that were reasonable, but somewhat worse than we had anticipated. Funds from operations increased 2.6% to $6.62 per share, which largely reflects flat same-store occupancy at around 95.7% and somewhat lower-than-expected re-leasing spreads. That said, SL Green's same-store net operating income grew at 4.9%, which demonstrates the health of SL Green’s core portfolio. The New York landlord is disposing of several of its joint venture projec...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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