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Mike Lewis

Wall Street Analyst at Truist Securities

Michael Lewis is a Wall Street Analyst at Truist Financial (Truist Securities), specializing in the Real Estate sector with coverage of approximately 60 stocks including EQR, MAA, SLG, CPT, and American Healthcare REIT (AHR). He boasts a strong performance track record with a 66% success rate (263 out of 399 profitable ratings), an average return per rating of +9.60% over one year, and a top-performing Buy call on AHR generating +134.20% return; he ranks #328 out of 9,440 Wall Street analysts on TipRanks. Lewis began his career as a Research Analyst at Bear Stearns & Co. before joining Truist Securities in 2014, bringing over 18 years of experience in the field. He holds active FINRA registrations with 52 state licenses and zero disclosures.

Mike Lewis's questions to SL GREEN REALTY (SLG) leadership

Question · Q4 2025

Mike Lewis questioned the total lease economics, noting that TIs and free rent periods are up significantly (60-70%) since 2019, while rents are up less (20-25%), and asked how this reflects market strength and the stickiness of concessions.

Answer

Marc Holliday, Chairman and CEO, SL Green Realty Corp, advised amortizing TIs over the lease term for a proper comparison and noted that more new deals are being done. He emphasized that the true measure is the price per square foot for premium assets, which for the top 20-25% of the market is solidly between $1,000 and $2,000 per sq ft, and even higher for the best new product. He stated that for buildings with average rents well north of $100 per sq ft, the improvement is both nominal and net effective, cautioning against painting the entire market with one brush due to different categories of buildings.

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