SL Green Realty Completes Public Offering for Common Stock

SL Green Realty Corp. recently concluded an underwritten public offering for its common stock, marking a significant financial move for the real estate investment trust. The offering, completed on November 25, 2024, involved the sale of 5,063,291 shares of common stock with a par value of $0.01 per share. These shares were purchased by Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, TD Securities (USA) LLC, BMO Capital Markets Corp., and Deutsche Bank Securities Inc., acting as representatives of the underwriters named in the Underwriting Agreement dated November 21, 2024.

The shares were priced at $79.00 per share for the public. Additionally, SL Green Realty Corp. granted the underwriters a 30-day option to acquire up to an additional 759,493 shares of common stock. The estimated net proceeds from the offering are approximately $386.3 million, with a potential increase to $444.3 million if the underwriters fully exercise their purchase option.

These proceeds are slated to be used towards various corporate purposes through SL Green Operating Partnership, L.P., the company’s operating partnership. The funds will be exchanged for additional units of limited partnership interest in the Operating Partnership, mirroring the economic terms of the common stock. The partnership intends to utilize these resources for general corporate needs, including potential investments and debt repayment.

The Offering was facilitated under the guidance of the Underwriting Agreement. Over time, the underwriters and their affiliates have been involved in providing financial advice and investment banking services to SL Green Realty Corp., which includes roles in credit facilities. This agreement has been formally documented and submitted as Exhibit 1.1 in the report, incorporating critical details of the offering.

Moreover, the issuance of limited partnership interest units by the Operating Partnership has received an exemption from registration under Section 4(2) of the Securities Act of 1933. This unregistered sale of equity securities is discussed under Item 1.01 in the report.

As per regulatory compliance, this 8-K filing includes the necessary financial statements and exhibits, such as the Underwriting Agreement and related legal opinions and consents. SL Green Realty Corp. has fulfilled its reporting obligations by providing a comprehensive overview of the recent Offering and related financial transactions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SL Green Realty’s 8K filing here.

About SL Green Realty

3SL Green Realty Corp., 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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.