SL Green Reports 3Q Results; Maintaining FVE
SL Green’s third-quarter results gave the market cause to be concerned that the Manhattan office market is slowing, but nothing we saw changed our long-term outlook for the firm. We are leaving our $114 per share fair value estimate in place and maintaining our no-moat rating. Leases signed in the quarter did weaken a bit, with a 4% increase on just under 500,000 square feet of space. The company is still maintaining double-digit spreads for the first nine months of the year, so we think SL Gree...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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