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SL Green Inks Long-Term Lease with Nike; Raises Dividend
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SL Green Realty Corp. (SLG - Free Report) , the New York-based retail real estate investment trust (“REIT”), in association with its partner Jeff Sutton, inked a long-term lease with Shoes and Retail Apparel industry major, NIKE, Inc. (NKE - Free Report) at 650 Fifth Avenue. This 15-year lease is likely to be accretive for the REIT, going forward.
Located at West 52nd Street, 650 Fifth Avenue, is a 36-story office building in the heart of the Plaza District. The lease agreement at the center spans over an area of 69,214 square feet. In addition to this partnership, SL Green is also contemplating opening another Nike store.
In another separate development, SL Green announced fourth-quarter 2016 common stock dividend of 77.5 cents per share, marking a sequential increase of 7.6%. This takes the annual dividend payment to $3.10 per share, and marks the sixth consecutive year of dividend hike. The company will pay the new dividend on Jan 17, 2017 to shareholders on record as of Jan 3.
Currently SL Green carries a Zacks Rank #3 (Hold) whereas Nike has a Zacks Rank #4 (Sell). For the current year, SL Green’s estimates moved up 0.1% to $8.30 per share over the past 30 days. Quarter to date, the company’s share price moved down 2.5%, whereas this fall for the Zacks categorized REIT and Equity Trust – Other industry was 6.8%.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
Current-year estimates for American Tower Corporation moved up 0.2% to $5.55 over the past month.
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 Inks Long-Term Lease with Nike; Raises Dividend
SL Green Realty Corp. (SLG - Free Report) , the New York-based retail real estate investment trust (“REIT”), in association with its partner Jeff Sutton, inked a long-term lease with Shoes and Retail Apparel industry major, NIKE, Inc. (NKE - Free Report) at 650 Fifth Avenue. This 15-year lease is likely to be accretive for the REIT, going forward.
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Located at West 52nd Street, 650 Fifth Avenue, is a 36-story office building in the heart of the Plaza District. The lease agreement at the center spans over an area of 69,214 square feet. In addition to this partnership, SL Green is also contemplating opening another Nike store.
In another separate development, SL Green announced fourth-quarter 2016 common stock dividend of 77.5 cents per share, marking a sequential increase of 7.6%. This takes the annual dividend payment to $3.10 per share, and marks the sixth consecutive year of dividend hike. The company will pay the new dividend on Jan 17, 2017 to shareholders on record as of Jan 3.
Currently SL Green carries a Zacks Rank #3 (Hold) whereas Nike has a Zacks Rank #4 (Sell). For the current year, SL Green’s estimates moved up 0.1% to $8.30 per share over the past 30 days. Quarter to date, the company’s share price moved down 2.5%, whereas this fall for the Zacks categorized REIT and Equity Trust – Other industry was 6.8%.
A couple of better-ranked stocks in the REIT space include Seritage Growth Properties (SRG - Free Report) and American Tower Corporation (AMT - Free Report) . Both these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
Current-year estimates for American Tower Corporation moved up 0.2% to $5.55 over the past month.
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’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>