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SL Green (SLG) Inks Lease with LINE FRIENDS at Broadway
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SL Green Realty Corp. (SLG - Free Report) inked a lease with LINE FRIENDS for part of the retail space at 1515 Broadway. This 10-year lease, covering an area of 4,629 square feet, is an excellent addition to SL Green’s retail portfolio and is likely to be accretive going forward.
LINE FRIENDS was created as sticker characters of top mobile messenger application “LINE”. It has around 220 million active users worldwide. The company is advantageously located at the southwest corner of West 45th Street. It will have 65 feet of wraparound frontage. Also, it will benefit from the exclusive use of 1,314 square feet of LED signage in the heart of Times Square’s Bowtie.
Importantly, this premier Bowtie location will be LINE FRIENDS’ first American flagship. It offers unmatched 24/7 exposure to pedestrian traffic, as well as LED signage suitable for displaying the company’s retail products.
In January, SL Green reported fourth-quarter 2016 adjusted funds from operations (“FFO”) of $1.43 per share, narrowly missing the Zacks Consensus Estimate of $1.44. The figure was also below the prior-year quarter’s adjusted FFO per share of $1.61.
Currently, SL Green carries a Zacks Rank #3 (Hold).
Shares of SL Green underperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months. During that time frame, the shares of the company returned 2.6%, whereas the industry gained 4.3%.
Investors interested in the REIT and Equity Trust – Other industry, may consider stocks like Ashford Hospitality Prime, Inc. , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Over the past 30 days, Ashford Hospitality Prime’s funds from operations (FFO) per share for first-quarter 2017 escalated 5.3% to 40 cents.
Over the past 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 5% to $1.06.
CorEnergy Infrastructure Trust’ first-quarter 2017 FFO per share estimates remained unchanged at $1.07, over the past 30 days.
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. All EPS numbers presented in this write up represent FFO per share.
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SL Green (SLG) Inks Lease with LINE FRIENDS at Broadway
SL Green Realty Corp. (SLG - Free Report) inked a lease with LINE FRIENDS for part of the retail space at 1515 Broadway. This 10-year lease, covering an area of 4,629 square feet, is an excellent addition to SL Green’s retail portfolio and is likely to be accretive going forward.
LINE FRIENDS was created as sticker characters of top mobile messenger application “LINE”. It has around 220 million active users worldwide. The company is advantageously located at the southwest corner of West 45th Street. It will have 65 feet of wraparound frontage. Also, it will benefit from the exclusive use of 1,314 square feet of LED signage in the heart of Times Square’s Bowtie.
Importantly, this premier Bowtie location will be LINE FRIENDS’ first American flagship. It offers unmatched 24/7 exposure to pedestrian traffic, as well as LED signage suitable for displaying the company’s retail products.
In January, SL Green reported fourth-quarter 2016 adjusted funds from operations (“FFO”) of $1.43 per share, narrowly missing the Zacks Consensus Estimate of $1.44. The figure was also below the prior-year quarter’s adjusted FFO per share of $1.61.
Currently, SL Green carries a Zacks Rank #3 (Hold).
Shares of SL Green underperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months. During that time frame, the shares of the company returned 2.6%, whereas the industry gained 4.3%.
Investors interested in the REIT and Equity Trust – Other industry, may consider stocks like Ashford Hospitality Prime, Inc. , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Over the past 30 days, Ashford Hospitality Prime’s funds from operations (FFO) per share for first-quarter 2017 escalated 5.3% to 40 cents.
Over the past 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 5% to $1.06.
CorEnergy Infrastructure Trust’ first-quarter 2017 FFO per share estimates remained unchanged at $1.07, over the past 30 days.
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. All EPS numbers presented in this write up represent FFO per share.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>