FBR Capital Upgrades SL Green Realty (SLG) to Outperform; Manhattan Office: Chasing Too Few Assets and Spaces
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Price: $50.61 +1.89%
Rating Summary:
10 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 14 | New: 16
Rating Summary:
10 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 14 | New: 16
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FBR Capital upgraded SL Green Realty (NYSE: SLG) from Market Perform to Outperform. PT increased from $89 to $95.
FBR analyst says, "This report shows that (1) Manhattan office job growth can continue to be relatively higher than the U.S. average, (2) there is considerable friction in the search for "larger blocks of space" within Class A submarkets in Manhattan today despite 11% availability, (3) existing long lease terms prevalent in Manhattan significantly push out the rent roll-downs, and finally, (4) chasing of trophy core assets in Manhattan by global core real estate investors (in a low interest rate environment) results in lower cap rates. We conclude that lower capitalization rates can be justified by 10 bps to 20 bps for both Boston Properties, Inc. (NYSE: BXP) and SL Green Realty Corp. (NYSE: SLG)."
For more ratings news on SL Green Realty click here and for the rating history of SL Green Realty click here.
Shares of SL Green Realty closed at $82.44 yesterday.
FBR analyst says, "This report shows that (1) Manhattan office job growth can continue to be relatively higher than the U.S. average, (2) there is considerable friction in the search for "larger blocks of space" within Class A submarkets in Manhattan today despite 11% availability, (3) existing long lease terms prevalent in Manhattan significantly push out the rent roll-downs, and finally, (4) chasing of trophy core assets in Manhattan by global core real estate investors (in a low interest rate environment) results in lower cap rates. We conclude that lower capitalization rates can be justified by 10 bps to 20 bps for both Boston Properties, Inc. (NYSE: BXP) and SL Green Realty Corp. (NYSE: SLG)."
For more ratings news on SL Green Realty click here and for the rating history of SL Green Realty click here.
Shares of SL Green Realty closed at $82.44 yesterday.
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