SL Green Realty: Dividend Cut And Record Leasing Fuel Their Potential Recovery

SL Green Realty remains a Buy, with aggressive leasing, a solid portfolio, and risks already reflected in its valuation. SLG achieved record Q1 leasing and strong mark-to-market spreads, and expects same-store occupancy to reach 95% by year-end. A 20% dividend cut frees up ~$50 million for accretive uses, while refinancing efforts reduce borrowing costs and extend maturities.