Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 80

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 80
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 of excess stock were issued and outstanding.

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)March 31, 2025(unaudited)

Share Repurchase ProgramOur Board of Directors approved a $3.5 billion share repurchase program under which we can buy shares of our common stock.As of March 31, 2025, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units. We did not repurchase any shares under the program during the three months ended March 31, 2025.Perpetual Preferred StockWe have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.Dividend Reinvestment and Stock Purchase Plan ("DRSPP")In February 2024, the Company filed a new registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):Three Months Ended March 31,20252024Shares of common stock issued1,221 1,662 Dividend reinvestments/stock purchases under the DRSPP$75 $77 Earnings