CONTINUES…..saying all the right things- reduce debt and increase shareholder value…,, “SL Green continues to work aggressively to drive value for our shareholders through strategic dispositions that generate incremental liquidity for reinvestment and debt repayment,” said Harrison Sitomer, Chief Investment Officer of SL Green. “The sale of 609 Fifth Avenue is evidence of the continued demand and premium valuation for well-located assets in Midtown East.”
S
SLG shorts now lack anything near the liquidity to cover their millions of shares short. Could be a huge short squeeze eventually.
c
Steady earnings report. Over 1.9 million square feet leased last year well in excess of projections of 1,300,000 sq ft. Debt servicing costs down 5.1 million shares repurchased. Lower tier properties sold;raised capital for more buybacks. Free months/ concessions burning off this year to deliver higher income Special dividend NYC MidTown is coming back!
I like $MAIN and the monthly divy. I only have a small amount and this is my 3rd go round. I'm looking at $SLG for my next purchase. It pays 0.311 cents per month and 92% of shares held by institutions. Anyone own this? I want to buy while it's on sale. Thanks.
K
bought 50 shares. the monthly div is awesome and getting a 8.5% yield (I'm Canadian so -15% withholding tax). completely tax free is awesome.
fingers crossed we beat earnings
S
On TD Ameritrade's page for SLG: "Therefore SLG seems valued at a discount with a PE ratio of 9.51x, one of the lowest in the Equity Real Estate Investment Trusts (REITs) industry."
B
I really want to invest in SLG, but I see a possible red flag with the special dividend (which I missed), boosted forward div, and the reverse split (usually done by co’s in hardship) which is due to take place on 20 Jan. Specifically, I’ll be watching of a lower forward yield if the (recently boosted) div is not adjusted in sync with the reverse split. They’re already taking the special dividend back via removing shares from the marketplace, what’s to stop them from recovering some of the boosted yield by short-changing stockholders via less payout per share after the split.
I’ve learn enough being in the market 10+ yrs and this doesn’t look positive from the onset. I’m going to sit on the sidelines for now and see how the cards play out.
Good Luck!
E
SLG had a nice bounce from 45 to 55 after 1Q earnings. SLG's mgmt was confident in their ability to collect +86% of rents in April and May which presumably would be the most challenging months they reiterated keeping their monthly dividend $0.296 - now yielding almost 10%. Companies won't move out to the suburbs to be closer to employees, because most likely employees live in Bronx, NYC, Long Island, NJ, White Plains, CT, etc. Plus, if you understand the business the avg office lease term is 10 years.
I see 36 for SLG as an incredible buy with the stable monthly dividend and marquee locations.
c
OMG what a downdraft. I placed another order at $52.05 for 2,000 more shares. Their properties are leased up; considerations are in effect and will sunset over next year which translates to more $$$ to bottom line.
Say starting in fall 2022, I hope: *more employees go BACK TO WORK! *High priced debt pared down *More shares bought back * Various profit efforts succeed *Various cost saving efforts succeed *IBM collaboration translates into efficiencies & additional expense reductions, too THEN.....Rest of market finally wakes up to a undervalued, low priced, low PE, high quality asset rich, monthly dividend paying stock @6.7%. Talking heads start TOUTING ( No, I bet start screaming) SLG is fantastic all over again. Sure, folks will bash. While they do, I will continue receiving a monthly dividend check- which I bet will be increased. Cheers to all longs!
M
I started buying SLG for 1st time last week at $47. Added at $44.50 this morning. I will keep adding as it dips. SLG will be fine. Great income producer.
s
SLG is paying out $3.64 with earnings of $4.87 - this is only 74.7%... seems like a divy payout increase is required to maintain REIT status?
C
5k volume on november 22 $45 calls and $35 puts today. Someone is betting big on a big swing either way
K
74% payout ratio based on the FFO of $1.66, new leases are signed, sales should help with acquisitions and debt, bought swaps to hedge,
I'm liking it. let's see what happens with the earnings call
c
Sadly, I was correct about testing 52 week low- may even tiptoe into 50's before this is over. HOWEVER, fundamentals fine with SLG, just caught in classic market downdraft.
Sure, recession, slower hiring, less money to spend, higher costs for utilities, etc etc. HOWEVER, SLG has premier properties and well leased up. Further, they run a smart tight ship while buying back shares; recycling funds into better properties; and NOW monetizing/leveraging their expertise of management and all thing real estate without mega outlay of capital.
S
I was in nyc this past weekend. Nobody wearing masks like it was Texas! Apt spaces are small so I expect workers want to get out and go to office!
c
SLG has 40% upside- love it! Interesting article made no mention of aggressive stock buyback. That alone has potential of increasing our value. My only lament is not buying a decade ago at $12 a share.
THIS IS GREAT. So little conversation or coverage. SLG will continue to march forward, reducing debt, paying monthly dividends, buying back shares and leasing up all of their top tier properties. While this happens a brilliant time to increase position. I predict a year from now many will be touting SLG as a contrarian underdog that EXPLODED to the upside and has room still to run. HOWEVER, with our insight we were smart to load up now.
“SL Green continues to work aggressively to drive value for our shareholders through strategic dispositions that generate incremental liquidity for reinvestment and debt repayment,” said Harrison Sitomer, Chief Investment Officer of SL Green. “The sale of 609 Fifth Avenue is evidence of the continued demand and premium valuation for well-located assets in Midtown East.”
Over 1.9 million square feet leased last year well in excess of projections of 1,300,000 sq ft.
Debt servicing costs down
5.1 million shares repurchased.
Lower tier properties sold;raised capital for more buybacks.
Free months/ concessions burning off this year to deliver higher income
Special dividend
NYC MidTown is coming back!
I'm been in and will add on any downdraft
Anyone own this? I want to buy while it's on sale. Thanks.
fingers crossed we beat earnings
I’ve learn enough being in the market 10+ yrs and this doesn’t look positive from the onset. I’m going to sit on the sidelines for now and see how the cards play out.
Good Luck!
I see 36 for SLG as an incredible buy with the stable monthly dividend and marquee locations.
Their properties are leased up; considerations are in effect and will sunset over next year which translates to more $$$ to bottom line.
Say starting in fall 2022, I hope:
*more employees go BACK TO WORK!
*High priced debt pared down
*More shares bought back
* Various profit efforts succeed
*Various cost saving efforts succeed
*IBM collaboration translates into efficiencies & additional expense reductions, too
THEN.....Rest of market finally wakes up to a undervalued, low priced, low PE, high quality asset rich, monthly dividend paying stock @6.7%. Talking heads start TOUTING ( No, I bet start screaming) SLG is fantastic all over again.
Sure, folks will bash. While they do, I will continue receiving a monthly dividend check- which I bet will be increased.
Cheers to all longs!
new leases are signed,
sales should help with acquisitions and debt,
bought swaps to hedge,
I'm liking it. let's see what happens with the earnings call
HOWEVER, fundamentals fine with SLG, just caught in classic market downdraft.
Sure, recession, slower hiring, less money to spend, higher costs for utilities, etc etc. HOWEVER, SLG has premier properties and well leased up. Further, they run a smart tight ship while buying back shares; recycling funds into better properties; and NOW monetizing/leveraging their expertise of management and all thing real estate without mega outlay of capital.
Interesting article made no mention of aggressive stock buyback. That alone has potential of increasing our value.
My only lament is not buying a decade ago at $12 a share.
https://www.nasdaq.com/articles/sl-green-realty-stock-has-a-40-upside-2021-09-09
Buy now and be rewarded every month.