Tax Reform Should Provide Tailwinds for Frustrated Office Landlord SL Green
Office REITs have yet to rebound despite a positive near-term environment led by a strong economy and the willingness to reinvest following the recent tax overhaul, which puts more money back in companies’ pockets. SL Green continues to respond to falling prices by buying back shares. The company not only repurchased 4.9 million shares in the fourth quarter, but also increased the size of its share repurchase program to $1.5 billion from the previous $1 billion agreement. We like that management...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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