SL Green Releases Decent First-Quarter Results; We Maintain Our Fair Value Estimate
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 quart...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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