SL Green Realty Corp.
) hit a new 52-week high, touching $100.00 toward the starting of
the trading session on Feb 26, 2014, as it gained momentum
following strong fourth-quarter 2013 results. The closing price
of this real estate investment trust (REIT) on Feb 26 was $98.97,
representing a solid year-to-date return of 7.6%. The trading
volume for the session was 647,814 million shares.
Despite the strong price appreciation, this Zacks Rank #3
(Hold) stock has plenty of upside left, given the improving
market environment, company fundamentals and expected long-term
funds from operations (FFO) growth of 6.22%.
Keeping its winning streak alive, SL Green came up with
impressive results yet again in the fourth quarter. The company
reported fourth-quarter 2013 FFO of $1.38 per share, beating the
Zacks Consensus Estimate by 3 cents and the prior-year quarter
figure by 24 cents. The results came on the back of notable
operating portfolio performance and successful execution of
strategic portfolio enhancement activity.
Notably, SL Green is seeking to tap opportunities in New York
City's premium locations with its retail investments
complementing its core office and structured finance businesses.
In particular, the expansion in the renowned New York City retail
corridor in the fourth quarter was commendable.
In addition, SL Green had a decent balance sheet position with
$206.7 million of cash and cash equivalents as of Dec 31, 2013.
Also, the company has recorded an average earnings surprise of
2.58% in the past four quarters of 2013.
Estimate Revisions Show Potency
Over the last 30 days, the Zacks Consensus Estimate for 2014
FFO per share upped by 2 cents to $5.66 per share. Similarly, for
2015, it moved north by 4 cents to $6.03 per share.
Investors interested in the REIT-Equity Trust - Other industry
may consider stocks like
Liberty Property Trust
STAG Industrial, Inc.
). All these stocks carry a Zacks Rank #2 (Buy).
FFO, a widely used metric to gauge the performance of REITs,
are obtained after adding depreciation, amortization and other
non-cash expenses to net income.
LIBERTY PPTY TR (LRY): Free Stock Analysis
PUBLIC STORAGE (PSA): Free Stock Analysis
SL GREEN REALTY (SLG): Free Stock Analysis
STAG INDUSTRIAL (STAG): Free Stock Analysis
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