SL Green Realty Corp. (SLG) 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 Earnings ESP, 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 like Chatham Lodging Trust (CLDT), Parkway Properties Inc. (PKY) and Terreno Realty Corp. (TRNO). All these stocks carry a Zacks Rank #1 (Strong Buy).
Note: 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.
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