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Ronald Kamden

Research Analyst at Morgan Stanley

Ronald Kamdem is Managing Director and Head of U.S. REITs and Commercial Real Estate Research at Morgan Stanley, specializing in analysis and coverage of U.S. listed real estate investment trusts (REITs) with a focus on companies such as Simon Property Group, Urban Edge Properties, and Curbline Properties. He is recognized for his in-depth market outlooks and has called for sector total returns of around 5% in 2023 while providing nuanced, data-driven assessments of property sectors and transaction activity, often cited in industry media. Kamdem joined Morgan Stanley to lead U.S. REITs coverage and is frequently featured as an expert on platforms such as CNBC, with a reputation for accurately forecasting REIT market trends and downside risks. He holds FINRA securities licenses and is noted for his rigorous research and leadership within the real estate investment sector.

Ronald Kamden's questions to SL GREEN REALTY (SLG) leadership

Question · Q3 2025

Ronald Kamden asked about the headwinds to Same-Store NOI, specifically the impact of Ascent and year-to-date performance against investor day goals, and the capital needs and funding strategy for the 346 Madison development.

Answer

Matt DiLiberto, CFO, clarified that Same-Store cash NOI was only slightly below the guidance range, primarily due to Ascent being offline (impacting percentage rent) and a tenant converting TI to free rent. He noted that goals are set to outperform guidance. For 346 Madison, Matt DiLiberto stated that a deeper dive would be provided at the investor conference, but the likely capitalization strategy would involve construction financing and a joint venture partner, similar to One Vanderbilt and One Madison.

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