We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SL Green Secures Extension of $742.8M Mortgage on 1515 Broadway
Read MoreHide Full Article
SL Green Realty (SLG - Free Report) recently announced closing on a modification and extension for the $742.8 million mortgage on 54-story office tower, 1515 Broadway. As a result, the maturity date has been extended by three years to March 2028, while the interest rate remains unchanged at 3.93%.
This strategic move enhances SL Green’s debt maturity profile. It offers SL Green and its partners the essential time and flexibility required to pursue projects like Caesars Palace Times Square. This project will bring the world-class entertainment at the heart of Times Square.
1515 Broadway is located in Times Square and is fully leased to Viacom. The company is pursuing a partnership with Caesars Entertainment and Roc Nation for the possible conversion of 1515 Broadway into a world-class entertainment destination. The effort aims to secure one of three gaming licenses expected to be awarded in downstate New York in 2025.
Moreover, despite the overall choppiness in the office real estate sector, SL Green is well-poised for growth, given tenants’ healthy demand for premier office spaces with class-apart amenities. Also, its long-term leases, with a diverse tenant base, assure stable rental revenues.
Shares of this Zacks Rank #3 (Hold) company have gained 50.9% over the past six months, outperforming the industry’s growth of 12.9%.
The Zacks Consensus Estimate for Welltower’s 2024 FFO per share is pinned at $4.26, suggesting year-over-year growth of 17%.
The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share stands at $2.68, indicating an increase of 2.3% from the year-ago reported figure.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SL Green Secures Extension of $742.8M Mortgage on 1515 Broadway
SL Green Realty (SLG - Free Report) recently announced closing on a modification and extension for the $742.8 million mortgage on 54-story office tower, 1515 Broadway. As a result, the maturity date has been extended by three years to March 2028, while the interest rate remains unchanged at 3.93%.
This strategic move enhances SL Green’s debt maturity profile. It offers SL Green and its partners the essential time and flexibility required to pursue projects like Caesars Palace Times Square. This project will bring the world-class entertainment at the heart of Times Square.
1515 Broadway is located in Times Square and is fully leased to Viacom. The company is pursuing a partnership with Caesars Entertainment and Roc Nation for the possible conversion of 1515 Broadway into a world-class entertainment destination. The effort aims to secure one of three gaming licenses expected to be awarded in downstate New York in 2025.
Moreover, despite the overall choppiness in the office real estate sector, SL Green is well-poised for growth, given tenants’ healthy demand for premier office spaces with class-apart amenities. Also, its long-term leases, with a diverse tenant base, assure stable rental revenues.
Shares of this Zacks Rank #3 (Hold) company have gained 50.9% over the past six months, outperforming the industry’s growth of 12.9%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Welltower (WELL - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Welltower’s 2024 FFO per share is pinned at $4.26, suggesting year-over-year growth of 17%.
The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share stands at $2.68, indicating an increase of 2.3% from the year-ago reported figure.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.