SL Green Realty appoints new independent director

NEW YORK - SL Green Realty Corp. (NYSE: SLG), a major office property owner in Manhattan with a market capitalization of $4.4 billion, has announced the addition of Peggy Lamb to its Board of Directors as an Independent Director. The company, which maintains a notable 5.34% dividend yield and has sustained dividend payments for 29 consecutive years according to InvestingPro, welcomes Lamb who brings over three decades of real estate industry experience. Her current roles include Managing Director at Halstatt, LLC, and principal at Halstatt Real Estate Partners.

Lamb’s extensive background includes a 15-year tenure in investment banking at Goldman Sachs and board positions at Starwood REIT and Starwood Credit. She holds an M.B.A. from Harvard Business School and a B.S. from the University of Illinois, further contributing to her qualifications for the position.

Marc Holliday, Chairman and CEO of SL Green, expressed confidence in Lamb’s ability to contribute to the company’s leadership in the Manhattan office market. Lamb herself is optimistic about joining the Board during a time when New York City’s market is showing signs of resurgence, though InvestingPro data indicates the company faces some challenges with analysts anticipating a sales decline in the current year.

SL Green Realty Corp. is known for its integrated approach to managing and maximizing the value of Manhattan commercial properties. As of December 31, 2024, the company’s portfolio included interests in 55 buildings totaling 31.8 million square feet.

This appointment is part of SL Green’s ongoing strategy to maintain its leadership position and navigate the complexities of the real estate market. The information for this article is based on a press release statement from SL Green Realty Corp.

In other recent news, SL Green Realty Corp reported its fourth-quarter 2024 earnings, exceeding expectations with a funds from operations (FFO) of $4.95, which was $0.09 higher than anticipated. However, the company’s revenue fell short, recording $139.61 million against a forecast of $141.69 million. The firm achieved its third-highest leasing year, with 3.6 million square feet leased, and ended 2024 with an occupancy rate of 92.5%, projecting to exceed 93% in 2025. Meanwhile, Jefferies initiated coverage on SL Green with a Hold rating and a price target of $58, citing the company’s strategic reinvestment in its Midtown assets and potential challenges from rising interest expenses. Evercore ISI upgraded SL Green’s stock rating from In Line to Outperform, although it slightly reduced the price target to $73 due to recent stock performance. The company’s stock is trading at a 35% discount to Evercore ISI’s estimated net asset value, suggesting potential undervaluation. These developments highlight SL Green’s strategic positioning in a recovering office market, despite financial challenges.

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