SL GREEN REALTY PFD I

The shares of SL Green Realty fell to a 52-week low of $42.90 and show a one-year total return of -37.42%, including -27.6% over the past six months. InvestingPro classifies the stock as slightly undervalued at its current level, while the company offers a high dividend yield of 7.07% and 29 years of consecutive dividend payments. Analysts reacted with price-target adjustments: Scotiabank cut its target to $66, Truist to $54; Piper Sandler confirmed its rating. » More on de.investing.com

At the BofA conference, SL Green said it has completed more than 1.5 million square feet of leasing and is targeting 2 million square feet for the year; current occupancy is 91.7%, with a goal above 93% by year-end. The Midtown South recovery is being driven mainly by demand from AI-sector tenants, leading to rent increases on existing space. The company acquired the development site at 346 Madison Avenue, plans a development on a timeline similar to One Vanderbilt, and expects a stronger CMBS market and rising international capital inflows. SL Green announced increased investment in AI initiatives and is exploring diversification projects, including a casino application. » More on de.investing.com