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SL Green/Reckson

SLG is a registered REIT with a portfolio of commercial real estate properties focused primarily on the Manhattan office space. The company has two main reportable segments: real estate and debt and preferred equity investments (commercial real estate lending). SLG's real estate portfolio consists mainly of Manhattan properties (~94% of property NOI at 3Q18), with suburban properties (~6%) comprising the balance. The consolidated Manhattan portfolio is comprised of 37 properties, including: 21 office, 5 retail, 7 re/development, and 4 residential. The consolidated Suburban portfolio is comprised of 15 properties, including: 13 office, 1 retail, and 1 re/development. SLG's investment program is concentrated in Manhattan and has managed aggregate size generally not to exceed ~10% of total company enterprise value. (27 Nov 2018)

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Focused

SLG: Upsizes Stock Buyback Program by $500 mn

Worth Watching: 02 Dec 2018, 9:37 PM ET - SLG (Baa3/BBB-/BBB) announced a $500 mn increase to its common stock repurchase program, marking its third $500 mn increase since 2016 (and bringing total authorization over that time to $2.5 bn). The company had ~$434 mn of authorization remainin ..
Focused

SL Green: S&P Outlook to Stable from Positive

Worth Watching: 22 Oct 2018, 10:18 PM ET - SL Green (Baa3/BBB-/BBB) had its outlook revised to stable from positive by S&P. The ratings agency attributed the revision to its expectation for leverage to remain elevated as SL Green focuses on using asset sales to fund stock buybacks rather t ..
Focused

SL Green: 3Q18 Earnings Quick Cuts

Worth Watching: 18 Oct 2018, 11:35 PM ET - SL Green (SLG) reported a solid 3Q18 as revenue came in ahead of consensus estimates, despite FFO missing by a few cents. The company continued to see solid leasing activity as it signed 50 Manhattan office leases in the quarter totaling 491K ft2, ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

IG Note: SLG Issuing 3Y Floating Rate Notes

IG Note: 26 Jul 2018, 10:28 AM ET - SLG is back in the market for just the second time in five years, issuing $250 mn of 3NC1 floating rate notes. For investors looking for variable rate product, we remain comfortable with the overall credit and have an Outperform on the name
Focused

SL Green: 2Q18 Earnings Quick Cuts

Worth Watching: 19 Jul 2018, 4:53 PM ET - SL Green  (SLG) reported a solid 2Q18 as FFO came in line with consensus estimates. The highlight of the quarter was continued strong leasing activity as the company signed 58 office leases in Manhattan totaling ~566K ft2 at a re-leasing sprea ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

SL Green: 1Q18 Earnings Quick Cuts

Worth Watching: 22 Apr 2018, 9:43 PM ET - SL Green (SLG) reported a strong 1Q18 as FFO came in ahead of consensus estimates. The highlight of the quarter was continued strong leasing activity as the company signed over 375K ft2 of Manhattan leases in the quarter at a re-leasing spread ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..
Focused

SL Green: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:46 PM ET - SL Green (SLG) reported a solid 4Q17 in line with FFO consensus estimates in an encouraging sign after a miss in the prior quarter on the back of an unexpected drop-off in lease termination income. For the full year, the company inked 1.5 mn ft ..

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