NEW YORK--(BUSINESS WIRE)--
Total Authorization of $2.5 billion
SL Green Realty Corp. (SLG), 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 $2.5 billion.
To date, the Company has repurchased 18,087,322 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.
“The expansion of our stock repurchase program is in response to the significant discrepancy that persists between our share price and the underlying value of our assets,” said Marc Holliday, Chief Executive Officer of SL Green. “We are pleased with the results of this program to date, as we’ve been able to monetize assets that were ripe for harvesting and reinvest those proceeds in a way that is accretive to earnings and net asset value, as well as being sensitive to our investment grade balance sheet. We believe this is a program that creates tremendous value for our investors.”
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, 2018, SL Green held interests in 106 Manhattan buildings totaling 46.4 million square feet. This included ownership interests in 28.2 million square feet of Manhattan buildings and 18.2 million square feet of buildings securing debt and preferred equity investments. In addition, SL Green held ownership interests in 15 suburban buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
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