SL Green Realty Corp. /zigman2/quotes/208985878/composite SLG -1.92% , New York City’s largest office landlord, today announced that the Company’s Board of Directors has authorized an increase to the size of its share repurchase program by an additional $500 million of the Company’s common stock, bringing the program to a total of $3.0 billion.
To date, the Company has repurchased 22,855,030 shares under the program. In addition, the Company has redeemed 445,517 units of the Company’s Operating Partnership in connection with real estate transactions.
"Our stock continues to be an extraordinary investment and we are moving aggressively to expand our successful share buyback program again to continue taking advantage of the gap between our net asset value and share price," said Marc Holliday, Chairman and Chief Executive Officer of SL Green. "We have implemented this program in a way that creates value for shareholders, selling mature assets and narrowing our focus to premium Manhattan commercial property, and buying back shares in a high quality product at a steeply discounted rate."
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2019, SL Green held interests in 93 Manhattan buildings totaling 45.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 17.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
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SOURCE: SL Green Realty Corp.
Chief Financial Officer
SL Green Realty Corp.
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