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: New York City-based SL Green is a self-managed real estate investment trust, with in-house capabilities in property management, acquisitions, financing, development, construction and leasing.
SL Green was also upgraded to an overweight rating. Paolone lifted his target on the REIT's shares by $19 to $81.
SL Green's "core New York City office portfolio will be among the first office portfolios to benefit from an economic recovery," the analyst noted.
"Combined with SLG's transaction activity as well as future redevelopment prospects, we think the company is poised to produce above-average bottom-line earnings growth for the next couple of years."
Paolone added that he expects SL Green to boast a long-term growth rate of 6%, assuming 3% net operating income growth, leveraged to 5% cash flow growth, in addition to 100 basis points from external growth.