SL Green Realty Corp. (SLG) - Get Report, 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 $500 million of the Company's common stock, bringing the program to a total of $3.5 billion.
"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.
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