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SL Green to buy back another $500M in stock
REIT has repurchased 15M shares to date
SL Green Realty is increasing its share repurchase program by $500 million, which brings the total value to $2 billion.
The real estate investment trust has so far used the program to repurchase about 15 million shares, according to an 8-K regulatory filing on Thursday.
“As we continue to evaluate the best use of capital, the purchase of our stock, which is highly discounted relative to the value of our underlying assets, remains an extremely attractive option while maintaining our discipline with regard to leverage, liquidity and our earnings trajectory,” SL Green CEO Marc Holliday said in a statement.
SL Green recently sold its 50 percent stake in 724 Fifth Avenue to partner Jeff Sutton for an $85.5 million profit and acquired the leasehold for 2 Herald Square in Midtown for around $270 million. [Seeking Alpha] – Eddie Small