SL GREEN REALTY CORP SLG S

January 23, 2009 - 5:05pm EST by

member

						2009	2010
Price:		15.00		EPS		$2.40	$0.00
Shares Out. (in M):		58		P/E		6.3x	NM
Market Cap (in $M):		860		P/FCF		4.0x	NM
Net Debt (in $M):		7,760		EBIT		500	125
TEV (in $M):		8,600		TEV/EBIT		17.2x	69x
Borrow Cost:		NA

Description

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5	member 1/26/09 9:06PM RE: rating 3
i would respond in 2 ways: 1) if you look at the rents rolling over in the next few years, they are 10-20% below the asking rent as of 3Q 08 but effective rents are already off... login to read the rest view available tags
4	member 1/26/09 3:46PM Property Level Data 2
You mentioned that you track property level data monthly. Where can I get that data? view available tags
3	member 1/26/09 1:44PM rating
I gave this a 2 because I think several of your key analysis is flawed. 1) your analysis on valuation..."Its bonds trade at 15%+ YTMs which implies zero equity value", "Assuming a 200bps spread to investment... login to read the rest view available tags
2	member 1/26/09 1:17PM RE: corporate structure/liquidity 1
i think it is very unlikely that SLG will be able to utilize any unencumbered assets as NAVs are likely to fall by over 50% and many of their properties i believe are already under-water. ... login to read the rest view available tags
1	member 1/26/09 12:25AM corporate structure/liquidity
you present an interesting macro story -- but how does a company with $3-4bn (give or take) in unencumbered assets (cash, properties, structured investments, land and air rights) and less than $1bn of corporate level maturities (over the next... login to read the rest view available tags

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