| Thursday | ||||
Across the boroughs of… Across the boroughs of New York City, small businesses have been sidelined by the coronavirus shutdowns, wrote Matthew Haag of the New York Times. About 80% of Vornado Property Trust's (VNO) "retail tenants did not pay rent in April and May, its chief executive, Steven Roth, said during an interview," according to the NY Times story. The NYT story added that while landlords may be "unnerved by tenants' rights groups and community nonprofits that have rallied around residential rent strikes," corporations with office spaces in the city have been "far more aggressive in skipping rent." Publicly traded companies that may be impacted by this include: Vornado (VNO) Boston Properties (BXP), CBRE Group (CBRE) SL Green (SLG), and Simon Property(SPG). Reference Link | ||||
| Over a week ago | ||||
Notable gainers among… Notable gainers among liquid option names this morning include Chesapeake (CHK) $12.57 +1.78, SL Green Realty (SLG) $43.37 +5.40, Expedia (EXPE) $75.98 +9.22, Royal Caribbean (RCL) $42.36 +4.91, and Leggett & Platt (LEG) $30.03 +3.42. | ||||
SL Green Realty announced… SL Green Realty announced that it has sold a 49.5% interest in One Madison Avenue to the National Pension Service of Korea, or NPS, and Hines. NPS and Hines have committed aggregate equity to the project totaling no less than $492.2M. SL Green Realty Corp. and Hines will co-develop the $2.3B project, which will span 1.4 million rentable square feet upon completion. | ||||
BMO Capital analyst John… BMO Capital analyst John Kim raised the firm's price target on SL Green Realty to $65 from $55 and keeps a Market Perform rating on the shares. The analyst notes that the company took a "major stride" as part of its "Billion Dollar Plan" to increase its cash position with the sale of the retail condo at 609 Fifth Ave. for $168M, highlighting sustained demand for "high-quality, newly renovated YC assets". Kim adds that the deal reinforces values, and he no longer sees SL Green's dividend being at risk. | ||||
SL Green Realty announced… SL Green Realty announced yesterday that it has entered into a contract to sell its recently repositioned 609 Fifth Avenue retail condominium for $168.0 million to an affiliate of the Reuben Brothers. The transaction is scheduled to close in the second quarter of 2020, subject to satisfaction of various closing conditions. | ||||
Berkshire Hathaway's… Berkshire Hathaway's (BRK.A, BRK.B) legendary leader Warren Buffett, said over the weekend,with so many people working remotely for health reasons, that the impact of the coronavirus may impact the way workers due their jobs, reports Chip Cutter of the Wall Street Journal. "The supply and demand for office space may change significantly. A lot of people have learned that they can work at home, or that there's other methods of conducting their business than they might have thought from what they were doing a couple of years ago. When change happens in the world, you adjust to it," said Warren Buffett. Publicly traded companies this information may relate to include, Boston Properties (BXP), SL Green (SLG) Hudson Pacific (HPP) Highwoods Properties (HIW), and Mack-Cali Realty (CLI). Reference Link |
| Over a month ago | ||||
Piper Sandler analyst… Piper Sandler analyst Alexander Goldfarb downgraded SL Green Realty to Neutral from Overweight with a price target of $50, down from $60. The analyst thinks New York City's COVID-19 recovery will lag the country. While management is optimistic that New York City office returns in late May into June, it will take longer before both suburbanites and relocated New Yorkers feel comfortable going back given the city is the COVID epicenter, Goldfarb tells investors in a research note. | ||||
SL Green Realty announced… SL Green Realty announced the company has signed 12 leases totaling 107,325 square feet of office space in the first three weeks of Q2. This includes 34,013 square feet at One Vanderbilt Avenue, bringing the skyline-defining tower to more than 67% leased. To date, the company has leased 423,479 square feet in 2020. | ||||
SL Green Realty announced… SL Green Realty announced the formation and launch of "Food1st", a non-profit foundation to be organized as a 501, to deliver thousands of meals daily to front-line, first responders and medical personnel, elderly New Yorkers and food insecure families. In addition to addressing the increasing demand for food assistance across New York City, Food1st will also help revitalize New York City's food and beverage industry by re-activating restaurant kitchens, to serve the city and bring restaurant staff safely back to work. SL Green has contributed $1M as a down-payment to the independent organization in the hope that other companies, organizations and individuals will join the effort to address this crisis. The initiative will work in partnership with Chef Boulud, who will open a new restaurant at SL Green's One Vanderbilt later this year, and add other restaurants and non-profit organizations to ensure the widest possible preparation and distribution of food. The effort will launch this morning from Boulud's downtown prep kitchen and initially provide up to 1,600 meals per day to New York City's frontline medical workers as the City continues to battle COVID-19. A second phase, scheduled for next week, will include additional SL Green tenants and partners to reach New York's most food insecure populations. In turn, this will re-activate the kitchens of some of SL Green's food and beverage tenants, with the goal of preparing and delivering more than 150,000 meals funded by SL Green's initial grant. Heightened safety precautions and protocols will be in place at all participating kitchens to ensure the health of all involved. | ||||
Consensus $6.98. The… Consensus $6.98. The company expects that the global COVID-19 pandemic will have an impact on its business, and industry as a whole, going forward. | ||||