SL Green Expands Premier Portfolio With 1552-1560 Broadway Assets

SL Green SLG recently announced that, along with its joint venture (JV) partner, the company has taken over the debt encumbering the fee interest at 1552 Broadway and the leasehold interest at 1560 Broadway for $63 million. The total debt claim amounted to $219.5 million, including $26.4 million of accrued and unpaid interest.The loan purchase resets the basis at favorable terms for the joint venture. After completing the purchase, the JV finalized a long-term ground lease and a sign bracing agreement with GFP Real Estate and Benenson Capital Partners for 1560 Broadway, extending through 2074.SL Green further pointed out that 1552 Broadway has been leased to an apparel and merchandise retailer on an interim basis till a long-term credit tenant is identified.Located at the Times Square bow tie, these premier retail assets will aid long-term value accretion for SLG through future cash flows.SLG: In a NutshellThe addition of the above two assets will further enhance SLG’s high-quality portfolio. The company is well-poised for growth, given tenants’ solid demand for premier office spaces with class-apart amenities. With supply pressures easing and people returning to offices, SLG is witnessing healthy leasing activity.Since the beginning of the year through July 16, 2025, SL Green has signed Manhattan office leases aggregating 1.3 million square feet. Moreover, with an encouraging office leasing pipeline, the company remains well-positioned to boost top-line growth and navigate through any challenging environment.Over the past month, shares of this Zacks Rank #2 (Buy) office REIT have risen 9.4% against the industry’s decline of 1%.Analysts seem bullish on SLG, with its Zacks Consensus Estimate for 2025 funds from operations per share being revised northward by 10.1% over the past two months to $6.21.Image Source: Zacks Investment ResearchOther Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are Welltower WELL and Stag Industrial STAG, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for WELL’s 2025 FFO per share has been raised marginally over the past month to $5.07.The consensus estimate for STAG’s current-year FFO per share has moved marginally northward in the past two months to $2.50.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.Zacks Names #1 Semiconductor StockThis under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SL Green Realty Corporation (SLG): Free Stock Analysis Report Stag Industrial, Inc. (STAG): Free Stock Analysis Report Welltower Inc. (WELL): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks