New York City—SL Green Realty Corp., New York City’s largest office landlord, recently revealed that the company’s board 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 $3.0 billion.
To date, the company has repurchased 22,855,030 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.
“Our stock continues to be an extraordinary investment and we are moving aggressively to expand our successful share buyback program again to continue taking advantage of the gap between our net asset value and share price,” said Marc Holliday, Chairman and Chief Executive Officer of SL Green.
He adds that “We have implemented this program in a way that creates value for shareholders, selling mature assets and narrowing our focus to premium Manhattan commercial property, and buying back shares in a high quality product at a steeply discounted rate.”