SL Green rises 5th straight day after securing $400 mln equity raise

Sl Green Realty

22/11/2024 14:59

** Shares of SL Green Realty  SLG.N  rise 2.1% to $80.80 early
Fri, extending winning streak to five sessions, after overnight
follow-on priced
** Manhattan office REIT (real estate investment trust) late
Thurs sold ~5.1 mln shares at $79 for $400 mln gross raise
    ** Offering priced just 15 cents below stock's last sale of
$79.15
    ** SLG plans to use net offering proceeds for general
purposes, including new debt and equity investment
opportunities, and debt repayment
** The REIT has 66.7 mln shares outstanding as of Nov 21,
per latest SEC filing, giving it current market cap of ~$5.4 bln
    ** Wells Fargo, J.P. Morgan, TD Securities, BMO and Deutsche
Bank jt bookrunners for offering
** After the bell Thurs, SLG also said it closed on sale of an
11% interest in One Vanderbilt Avenue to Japan's Mori Building
Co., Ltd
    ** With move on Fri, shares up nearly 80% YTD and have
quadrupled from their Mar 2023 lows

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))