SL Green Realty Corp. (NYSE: SLG) watched its shares climb Monday, after BMO upgraded them to outperform, saying the third-most heavily shorted U.S. REIT is oversold given its historically low valuation and several catalysts are “on the horizon.”
Manhattan’s largest office landlord has also announced that it will release its earnings for the first quarter of 2023 on Wednesday, April 19, after market close.
The Company's executive management team, led by CEO Marc Holliday, will host a conference call and audio webcast on Thursday, April 20 at 2:00 pm ET to discuss the financial results.
Last week, the company announced it had signed a long-term lease covering an entire tower floor at One Madison Avenue, bringing the company's 2023 signed office leasing volume to 491,913 sq. feet, while the company’s office leasing pipeline has increased to 1M sq. feet, up from a 700K sq. feet pipeline just three weeks ago.
The transformational development at One Madison Avenue, is scheduled for completion in October 2023, approx. five weeks ahead of original timeline and is now 59% leased.
SL Green, Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2022, SL Green held interests in 61 buildings totaling 33.1 million square feet. This included ownership interests in 28.9 million square feet of Manhattan buildings and 3.4 million square feet securing debt and preferred equity investments.
SLG shares acquired $1.65, or 7%, to $25.17.
