SL Green to buy back another $500M in stock

REIT has repurchased 15M shares to date

TRD NEW YORK /
Jun.June 14, 2018 10:32 AM

SL Green CEO Marc Holliday (Credit: SL Green and Pixabay)

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


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

arrow_forward_ios
Loading...