Digital Realty signs power purchase agreement with Engie SA in Germany » 07:1602/0202/02/23
Digital Realty (DLR) and…
Digital Realty (DLR) and Engie (ENGIY) have signed a 10-year power purchase agreement for a 116 MW share of a new 154 MW ground mounted solar photovoltaic project. Digital Realty's offtake commitment, estimated at 120 GWh per year, supports the construction of the new solar park to be built by CEE Group, an infrastructure fund specializing in renewable energy projects. Located in Brandenburg in the northeast of Germany, the solar park is scheduled to start operation in late 2023. Digital Realty has achieved 100% renewable energy coverage for its entire European portfolio and its U.S. colocation portfolio, and is carbon neutral in France, resulting in 64% renewable energy coverage across its global portfolio in 2021, representing an increase of 14% from 2020.
Largest borrow rate increases among liquid names » 08:4501/3101/31/23
GOEV, DMTK, LCID, SLG, SJT, MARA, RUM, SOLO, CGC, BLNK
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Canoo (GOEV) 61.33% +17.13, DermTech (DMTK) 26.46% +10.59, Lucid Group (LCID) 62.10% +1.72, SL Green Realty (SLG) 1.64% +1.02, San Juan Basin Royalty Trust (SJT) 13.71% +0.49, Marathon Patent Group (MARA) 120.10% +0.45, Rumble (RUM) 95.03% +0.30, Electrameccanica Vehicles Corp (SOLO) 50.98% +0.27, Canopy Growth (CGC) 86.82% +0.25, and Blink Charging (BLNK) 25.24% +0.21.
SL Green Realty price target raised to $43 from $38 at Baird » 08:3301/3001/30/23
Baird analyst David…
Baird analyst David Rodgers raised the firm's price target on SL Green Realty to $43 from $38 and keeps a Neutral rating on the shares. The analyst said while SLG's high pro-rata leverage has kept us more cautious on this stock versus peers, the thesis holds that if the company raises the $2.35 billion we expect in 2023, downside is limited and upside is likely.
|Over a week ago|
SL Green Realty reports Q4 FFO $1.46, consensus $1.66 » 16:1701/2501/25/23
Reports Q4 revenue…
Reports Q4 revenue $224.87M, consensus $173.06M.
SL Green Realty options imply 3.6% move in share price post-earnings » 15:4301/2501/25/23
Pre-earnings options volume in SL Green Realty is normal with puts leading calls 10:9. Implied volatility suggests the market is anticipating a move near 3.6%, or $1.34, after results are released. Median move over the past eight quarters is 1.9%.
Vornado, Rudin complete 350 Park Avenue, 40 East 52nd Street transactions » 08:4401/2501/25/23
Vornado Realty Trust and…
Vornado Realty Trust and Rudin announced that they have completed the previously announced transactions with Citadel Enterprise Americas and with an affiliate of Kenneth Griffin, Citadel's Founder and CEO, relating to 350 Park Avenue and 40 East 52nd Street. All third-party approvals have been obtained and the master lease and other agreements are effective.
Vornado cuts quarterly dividend to 37.5c per share » 17:1601/1801/18/23
The decrease is in…
The decrease is in recognition of the current state of the economy and capital markets and is reflective of Vornado's reduced projected 2023 taxable income, primarily due to higher interest expense. The dividend will be payable on February 10 to common shareholders of record on January 30.
|Over a month ago|
Vornado price target lowered to $22 from $25 at Deutsche Bank » 07:4701/0401/04/23
Deutsche Bank analyst…
Deutsche Bank analyst Derek Johnston lowered the firm's price target on Vornado to $22 from $25 and keeps a Hold rating on the shares. The analyst recommends a cautious real estate investment trust positioning into 2023. Stock selection is crucial, says Johnston, who expects "largely muted" public REIT earnings power. The "robust" 2021 and 2022 leasing momentum and "sturdy to positive" rent spreads will wane in 2023 given the macro backdrop, Johnston tells investors in a research note. The analyst says elevated cost of capital for the REITs paired with a likely recession will stall business decision making and weigh on demand and earnings growth.
Deutsche downgrades six REITs to Hold, urges caution into 2023 » 07:4601/0401/04/23
SLG, AVB, BXP, INVH, IRT, RPT
Deutsche Bank analyst…
Deutsche Bank analyst Derek Johnston downgraded AvalonBay (AVB), Boston Properties (BXP), Invitation Homes (INVH), Independence Realty Trust (IRT), RPT Realty (RPT) and SL Green Realty (SLG) to Hold from Buy. The analyst recommends a cautious real estate investment trust positioning into 2023. Stock selection is crucial, says Johnston, who expects "largely muted" public REIT earnings power. The "robust" 2021 and 2022 leasing momentum and "sturdy to positive" rent spreads will wane in 2023 given the macro backdrop, Johnston tells investors in a research note. The analyst says elevated cost of capital for the REITs paired with a likely recession will stall business decision making and weigh on demand and earnings growth.
SL Green Realty price target lowered to $38 from $48 at Mizuho » 06:0201/0401/04/23
Mizuho analyst Vikram…
Mizuho analyst Vikram Malhotra lowered the firm's price target on SL Green Realty to $38 from $48 and keeps a Neutral rating on the shares. Office real estate investment trusts could see a bear market rally in 2023, "and we would play it through the East Coast," Malhotra tells investors in a research note. After the sub-sector declined 35% in 2022, the analyst now sees a more balanced risk/reward for the space.