SL Green Realty Corp.
) disclosed the achievement of LEED (Leadership in Energy and
Environmental Design) certification by its 180 Maiden Lane,
Manhattan, NY office property. We view this achievement as
favorable for the company and expect it to offer a competitive edge
to woo its tenants at this property.
Positioned in the Downtown Financial District, this 1.1 million
square foot commercial office tower is undergoing a redevelopment
program that includes a number of targeted sustainability measures
and this LEED recognition stems from that. This building has also
bagged a U.S. EPA Energy Star Label and that brings the tally of SL
Green properties with this distinction to 24.
SL Green has been focusing on gaining this environment friendly tag
for its buildings to give its tenants cost saving benefits and
contribute towards environmental norms. Recently, Newsweek, in its
ranking of "America's Greenest Companies 2014, named SL Green the
6th greenest REIT.
Moreover, the company was among the initial commercial office
landlords in New York City to give utmost importance to green
measures and adopt them. The company implemented a sustainable
redevelopment at 100 Park Avenue that gained a LEED Silver
Certification in 2009. We expect this move by SL Green to give it
an edge over its peers.
This New York-based real estate investment trust (REIT) is slated
to report its second-quarter 2014 results on Jul 23. The Zacks
Consensus Estimate for FFO per share is currently pegged at $1.42
per share. The company's
, which represents the difference between the Most Accurate
estimate and the Zacks Consensus Estimate, stands at +3.52%. This
along with the Zacks Rank #2 (Hold) makes us confident of a
positive earnings beat.
Investors interested in the REIT industry may also consider stocks
Chatham Lodging Trust
Parkway Properties Inc.
Terreno Realty Corp.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
FFO, a widely used metric to gauge the performance of REITs, is
obtained after adding depreciation and amortization and other
non-cash expenses to net income.
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
SL GREEN REALTY (SLG): Free Stock Analysis
PARKWAY PPTY (PKY): Free Stock Analysis Report
TERRENO REALTY (TRNO): Free Stock Analysis
CHATHAM LODGING (CLDT): Free Stock Analysis
To read this article on Zacks.com click here.