Stock Monitor: Realty Income Post Earnings Reporting

LONDON, UK / ACCESSWIRE / March 05, 2018 / Active-Investors.com has just released a free research report on SL Green Realty Corp. (NYSE: SLG) ("SL Green"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SLG as the Company's latest news hit the wire. On March 01, 2018, SL Green announced that the Company and its joint venture partners, Kushner Companies and LVWRK, have inked an agreement to sell the 3-acre development site at 175-225 Third Street in Gowanus, Brooklyn, for approximately $115.0 million. SL Green owned 95% of the joint venture. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Realty Income Corporation (NYSE: O), which also belongs to the Financial sector as the Company SL Green Realty. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SL Green Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Details of the Agreement

The 140,000 square-foot site was bought by the Company in 2014 for approximately $72.5 million. The transaction is likely to close in Q1 2018 and is expected to generate net proceeds to SL Green of approximately $70.0 million. Proceeds from the sale will be used to continue the Company's stock repurchase program, which it expanded to $1.5 billion in December 2017.

Agreement Enables SL Green to Repurchase its Stock at a Meaningful Discount

Commenting on the agreement, Andrew Mathias, President of SL Green, stated that the Company's ability to readily monetize assets at attractive valuations in a market where there is significant appetite for investment enables it to repurchase its stock at a meaningful discount to the private market valuation of New York City real estate, while maintaining liquidity for future investments and conservative leverage levels.

Andrew added that SL Green is happy to have partnered with Kushner and LIVWRK on this investment, which yielded excellent results for all stakeholders in the joint venture.

SL Green's Share Repurchase Program

In August 2016, SL Green's Board of Directors authorized the repurchase of up to $1.0 billion of the Company's common stock. Under the program, SL Green could purchase its shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases would depend on a number of factors including the price and availability of the Company's shares, trading volume, and general market conditions. The program could be suspended or discontinued at any time.

In December 2017, the Board 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 $1.5 billion. To date, SL Green has repurchased a total of 11,854,335 shares at an average price of $100.30.

SL Green's Last Sale Agreement

In November 2017, the Company signed a deal to sell 600 Lexington Avenue, a 36-story, 303,515 square foot Midtown Manhattan office building, for a gross sales price of approximately $305 million, or $1,005 per square foot. The transaction, expected to close in Q1 2018, was subject to customary closing conditions. The sale was likely to generate net cash proceeds of approximately $292 million. SL Green acquired the property in May 2010 for $193 million, through a joint venture, and subsequently took full ownership of the property in December 2015.

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust (REIT), that is focused primarily on acquiring, managing, and maximizing value of Manhattan commercial properties. As of December 31, 2017, the Company held interests in 121 Manhattan buildings totaling 50 million square feet. In addition, SL Green held ownership interests in 25 suburban buildings totaling 3.7 million square feet in Brooklyn, Long Island, Westchester County, and Connecticut.

Stock Performance Snapshot

March 02, 2018 - At Friday's closing bell, SL Green Realty's stock advanced 1.22%, ending the trading session at $97.85.

Volume traded for the day: 1.02 million shares.

Stock performance in the previous six-month period ? up 0.82%

After last Friday's close, SL Green Realty's market cap was at $9.50 billion.

Price to Earnings (P/E) ratio was at 110.94.

The stock has a dividend yield of 3.32%.

The stock is part of the Financial sector, categorized under the REIT - Retail industry. This sector was up 0.3% at the end of the session.

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