SL Green Realty Corp. Announces $500 Million Increase to Share Repurchase Program
SL Green Realty Corp. (NYSE: SLG) has authorized a $500 million increase to its share repurchase program, raising the total to $3.5 billion. The CEO, Marc Holliday, stated that this strategic investment aims to provide shareholders with the highest return on investment due to the stock's current undervaluation compared to its financial worth. As of September 30, 2020, SL Green owns interests in 93 buildings totaling 40.6 million square feet in Manhattan.
- Increase in share repurchase program by $500 million, totaling $3.5 billion.
- Strategic buyback aims to enhance shareholder returns.
- CEO emphasizes stock undervaluation relative to financial value.
- None.
NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE: SLG), Manhattan’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
“We believe the stock price continues to significantly lag behind the real financial value of the platform. So we intend to continue to invest in a strategic share repurchase program with the proceeds from asset sales as we believe strongly that using incremental capital to buy our stock provides our shareholders the highest return on investment,” said Marc Holliday, Chairman and Chief Executive Officer of SL Green.
About SL Green
SL Green Realty Corp., an S&P 500 company and Manhattan'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, 2020, SL Green held interests in 93 buildings totaling 40.6 million square feet. This included ownership interests in 29.2 million square feet of Manhattan buildings and 10.3 million square feet securing debt and preferred equity investments.
Forward Looking Statement
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Source: SL Green Realty Corp.
