NEW YORK CITY – SLGreen Realty Corp., a New York-based real estate investment trustspecializing in office, has decided to bulk-up its share repurchaseprogram, adding $500 million in common stock for a total of $3billion.

The program is intended to create value for shareholders andcoincides with the selling off of mature assets for new,high-quality assets. The REIT has narrowed its focus to acquiringClass A office assets while buying back the shares from the newpremium properties at a discounted rate.

"We are moving aggressively to expand our successful sharebuyback program again to continue taking advantage of the gapbetween our net asset value and share price," said MarcHolliday, chairman and CEO of SL Green, in a preparedstatement.

Since launching its share repurchase program, the REIT hasrepurchased 22,855,030 shares. In connection with real estatetransactions, the REIT has redeemed 445,517 units from itsoperating partnerships.

According to a recent GlobeSt.com article, the SL Green portfolio has been ina state of transformation as the REIT sells off static assets toidentify opportunities for reinvestment within the portfolio,according to Holliday on the October earnings call.

The outlined sales from its disposition list distinguishingnon-core and mature assets were said to build upon the firm'sprofits and prices, which trump its stock valuation, according toHolliday.

"We are already at work on lining up additional sales of assetsthat don't meet our long-term plan, and we will provide moredetails on these planned dispositions," he said on the call at thetime.

Assets for sale range from $500 million and less and are in theright ballpark to capitalize on the current market cycle, which SLGreen views as healthy for favorable Midtown assets that can sellfor $250 million in equity or less.