Piper Sandler analyst Alexander Goldfarb raised the firm’s price target on SL Green Realty to $47 from $41 and keeps an Overweight rating on the shares after the company hosted its annual confab at One Vanderbilt with a tour of One Madison following. While SL Green Realty isn’t planning a spinoff, per se, it is bundling 10 high LTV, low cash flow assets into a newly formed Alternative Strategy Portfolio subsidiary, to allow better focus on the other 93% of NOI that drives FFO, the firm notes. The sale of a nearly vacant 625 Madison for $1,100/sf and 350k sf of leasing announced concurrently highlights the demand for the right assets. Guidance for 2024 exceeded Piper’s concerns the Street was still too high, while the annual dividend was only reduced by 25c, far better than fears.
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