SL Green Realty Corp. Announces $500 Million Increase to Share Repurchase Program
November 30 2018 - 7:40AM
Business Wire
Total Authorization of $2.5 billion
SL Green Realty Corp. (NYSE: 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.
Forward-looking Statement
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 statements. Forward-looking statements
are not guarantees of future performance and we caution you not to
place undue reliance on such statements. Forward-looking statements
are generally identifiable by the use of the words "may," "will,"
"should," "expect," "anticipate," "estimate," "believe," "intend,"
"project," "continue," or the negative of these words, or other
similar words or terms.
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 otherwise.
SLG- FIN
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version on businesswire.com: https://www.businesswire.com/news/home/20181130005189/en/
Investors:Matt DiLibertoChief Financial OfficerSL Green Realty
Corp.(212) 594-2700
Press:BerlinRosenslgreen@berlinrosen.com646.452.5637
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