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Fly News Breaks for October 2, 2019
SLG
Oct 2, 2019 | 08:40 EDT
BMO Capital analyst John Kim is keeping his Outperform rating and $100 price target on SL Green Realty, noting that its $815M sales of a New York City building at implied $715 per sqf is a "positive event" that will allow the company to ramp up its buybacks. The analyst believes that SL Green is committed to being a "leaner company" and expects more asset sales on the way, even though he sees the overall narrative for the office REIT group as little changed given the trends of flat rents, high capex, and the overhang of "co-working".