Seeking Alpha: SL Green Realty Keeps Producing Value In A Hot Market

I still like NYC office real estate specialist SL Green (NYSE:SLG), as I have for some time now. Even amidst a pretty warm REIT market (up about 17% year-to-date), SL Green continues to do well, rising more than 6% since my last article and slightly outperforming Boston Properties (NYSE:BXP) and Kilroy (NYSE:KRC), while keeping pace with Vornado (NYSE:VNO). Even with high occupancy rates and an a real estate cycle that many believe is getting long in the tooth, SL Green is still looking for ways to add value, including recycling its capital and expanding outside of its core focus in office property.

I'm reluctant to abandon a good company/stock only because of valuation; I think it's easier to have certainty that you've found a good company than it is that you have the valuation perfectly dialed in. Be that as it may, I'd probably be more cautious about entering these shares now, particularly when there are cheaper-looking Asian property developers out there, as well as other financials and REITs that seem to offer more upside.

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SL Green Realty Keeps Producing Value In A Hot Market

Seeking Alpha: For SL Green Realty, A Rich Premium Is Richly Deserved

It's probably not accurate to say that SL Green Realty (SLG) is a universally liked office REIT, but it does seem to be the case that the objections raised by sell-side analysts are more often about value and market/concentration risk as opposed to management's plans or performance. I won't argue that SL Green is cheap right now, but the company does offer some upside to ongoing improvements in the NYC office market and from its investment portfolio.

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For SL Green Realty, A Rich Premium Is Richly Deserved

Investopedia: Investors Should Probably Delay A Trip To Forest City

When properly managed, real estate can be one of the best investment vehicles around. When managed less well, the high levels of debt and long timelines for development and transactions can lead to outsized losses. Forest City Enterprises (NYSE:FCE-A) doesn't conveniently fit into either of those two buckets; the company is certainly making progress in its efforts to restructure, but the apparent value in the shares today isn't really enough to make it worthwhile for investors to buy into the story of transformation.

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Investopedia: With SL Green Realty, Focus Is Clearly Not An Issue

Analysts and investors prize diversity, and that often serves a company well as it reduces the overall risk profile of the company. On the other hand, sometimes the opposite is true - sometimes running an intensely focused and specialized operation can provide above-average returns by virtue of truly understanding that market and its risks. Investors considering SL Green Realty (NYSE:SLG) pretty much have to subscribe to that second point of view to find an attractive investment idea here.

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