Maintaining Our $45 FVE for SL Green as Manhattan Office Fundamentals Hold Up Reasonably Well

SL Green Realty is a real estate investment trust engaged in the acquisition, development, repositioning, ownership, and management of commercial real estate properties, principally office properties. Most of its properties are in Manhattan. The company holds interests in approximately 32.5 million square feet, which includes ownership interests in 28.8 million square feet in Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. The strategy of the company is to maintain a high-quality portfolio of buildings in desirable locations and focus on creating value through new developments, capital recycling, and joint-venture investments. As an example, the company's $3 billion megaproject One Vanderbilt was completed amid the pandemic and has already achieved high occupancy rates.