History of SL Green Realty
In 1980, SL Green Realty (SLG) was founded as SL Green Properties by Stephen L. Green. Headquartered in New York, the company is structured as a REIT (real estate investment trust) and completed an initial public offering in 1997. The company is now the second-largest publicly traded office REIT in the United States and is part of the S&P 500.
SL Green Realty (SLG) is a self-administered and self-managed REIT. The company is primarily engaged in the ownership, management, acquisition, disposition, development, redevelopment, construction, and leasing of high-quality commercial properties in Manhattan. The company also has a small presence in some other markets. Though the company’s property portfolio mainly comprises office buildings, it also has an interest in retail and residential properties.
Competitors in office leasing
With a market capitalization of $12.5 billion, SL Green Realty is one of the largest office REITs in the United States. In the Manhattan market for rental properties, the company competes with a number of other office REITs, as well as other real estate companies, private real estate funds, financial institutions, and pension trusts. Manhattan is a highly competitive market for office rentals. The competition in the office leasing space in the Manhattan market is mainly driven by factors such as the quality of properties and services provided to tenants, attractiveness of leasing terms, location, and reputation of the company operating the office properties.
In the office REIT space, SL Green Realty’s major competitors include Boston Properties (BXP), Alexandria Real Estate Equities (ARE), Kilroy Realty (KRC), Douglas Emmett (DEI), BioMed Realty Trust (BMR), Highwoods Properties (HIW), Paramount Group (PGRE), Equity Commonwealth (EQC), and Columbia Property Trust (CXP). The iShares Cohen & Steers REIT ETF (ICF) invests 2.8% of its portfolio in SL Green Realty.
- SL Green Realty: What Does It Do?
- A Look at SL Green’s Property Portfolio
- Dynamics of SL Green’s Manhattan Market
- SL Green Realty: Lease Expirations and Tenant Management
- Property Acquisitions and Dispositions: Key to SL Green’s Growth
- SL Green Realty: Value Creation through Strategic Initiatives
- Higher Occupancy Levels Boost SL Green Realty’s Top Line
- Why Has SL Green’s Revenue Growth Remained Moderate?
- SL Green Realty: Marching Ahead with a Higher Earnings Margin
- Evaluating SL Green’s Higher Funds from Operations
- Analyzing SL Green’s Lower Funds From Operations Payout Ratio
- SL Green Realty Relies on Leverage to Maintain Growth Momentum
- Peer Group Comparison: SL Green Realty Trades at Lower Multiple
- What Does SL Green’s Higher EV/EBITDA Multiple Mean to Investors?
- Investing in SL Green Realty through ETFs