Program Increased to $1.5 billion
NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial
property owner, today announced that the Company’s Board of Directors
authorized an increase to the size of its share repurchase program,
announced in August 2016, by an additional $500 million of the Company’s
common stock, bringing the program to a total of $1.5 billion.
To date, the Company has repurchased 5,673,227 shares at an average
price of $101.71.
SL Green’s Chief Executive Officer, Marc Holliday, commented, “We
continue to utilize available liquidity from asset sales to repurchase
our common stock at meaningful discounts to the private market
valuations of Manhattan real estate, as well as to our own net asset
value. This has proven to be a viable deployment of capital, that is
accretive to the Company’s earnings and valuation, and we will continue
to evaluate this option as part of a balanced investment strategy.”
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, 2017, SL
Green held interests in 118 Manhattan buildings totaling 47.8 million
square feet. This included ownership interests in 27.5 million square
feet of Manhattan buildings and debt and preferred equity investments
secured by 20.3 million square feet of buildings. In addition, SL Green
held ownership interests in 27 suburban buildings totaling 4.3 million
square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. To be added to the Company’s
distribution list or to obtain the latest news releases and other
Company information, please visit our website at www.slgreen.com or
contact Investor Relations at (212) 594-2700.
This press release includes certain statements that may be deemed to
be “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, are forward-looking
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use of the words “may,” “will,” “should,” “expect,” “anticipate,”
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Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are beyond
our control, that may cause our actual results, performance or
achievements to be materially different from future results, performance
or achievements expressed or implied by forward-looking statements made
by us. Factors and risks to our business that could cause actual results
to differ from those contained in the forward-looking statements are
described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or
Chief Financial Officer
Green Realty Corp.
Source: SL Green Realty Corp.
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