BTIG reiterates SL Green Realty rating; BMO reiterates Public Storage rating

Reiterations

BTIG reiterated the "buy" rating for office real estate investment trust SL Green Realty Corp. with a target price of $70 per share.

Analysts Thomas Catherwood and John Nickodemus believe that the management can execute its business plan for 2023 and also pivot to a more aggressive strategy in 2024 to take advantage of market dislocations as private landlords continue to find themselves constrained in the NYC office market, they said in a July 24 note.

"While SLG's evolution is ongoing, the company's portfolio is better-positioned today to benefit from the "flight to quality" in NYC office demand," the analysts said.

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BTIG reiterated the "buy" rating for office REIT Alexandria Real Estate Equities Inc. with a target price of $186 per share.

Analysts Thomas Catherwood and John Nickodemus expect the company to maintain above-average growth as long as capital formation in the life science sector remains strong and drug development trends suggest a need for incremental capital, they said in a July 25 note.

The aggregate amount of projected construction spending remains the same for 2023 at $3.5 billion, which means that the "company will assume responsibility for $225 million more development spending than initially projected," the analysts said.

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BTIG analysts Thomas Catherwood and John Nickodemus reiterated their "neutral" rating for office-focused Highwoods Properties Inc.

The analysts expect the company to benefit from above-average growth in office-using jobs in its markets, which will positively impact net absorption, rent growth and new development opportunities.

"Uncertainty around the future of office usage has not yet resolved, and new office supply in the Sunbelt could weigh on leasing costs in the near term," the analysts said.

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BMO Capital Markets analysts Juan Sanabria and Robin Haneland reiterated their "outperform" rating for self-storage REIT Public Storage.

The analysts see Public Storage's balance sheet as a positive differentiator and expect its development pipeline to drive attractive non-same store growth and net asset value creation.

The company will have a strong relative tailwind with the lifting of the Los Angeles rent restriction, compared to peers.