SL Green Reports Reasonable Growth in Line With Expectations
We continue to believe that no-moat SL Green Realty Corp’s portfolio of class A New York office and retail space will attract the strongest tenants, and we will maintain our $114 per share fair value estimate for the firm. SL Green generated $1.69 in funds from operations, a penny less than our projections, and same-store cash net operating income grew about 8% from second quarter 2017. SL Green’s 7.1% trailing six-month Manhattan leasing spreads on new leases demonstrates a relatively strong po...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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