SL Green Realty Corp. (SLG Quick QuoteSLG - Free Report) , the New York-based real estate investment trust (“REIT”) announced that its board of directors has authorized share repurchase of up to $1 billion. This is likely to boost investors’ confidence on the stock.

SL Green mainly acquires, manages, develops and leases commercial office properties in the New York Metropolitan area, especially midtown Manhattan. The company is committed to raise its shareholders' wealth. In Dec 2015, the company announced a 20% hike in its quarterly dividend rate to 72 cents. Subsequently, the company paid the same dividend for the next two quarters. We believe such moves, including the latest share repurchase program, are aimed at rewarding the shareholders.

On Jul 20, the company reported second-quarter 2016 adjusted funds from operations (“FFO”) of $3.41 per share, which exceeded the Zacks Consensus Estimate of $3.18. In the prior-year quarter, the company reported adjusted FFO of $1.65 per share. A rise in combined same-store NOI aided the better-than-expected results in the quarter.

Some other stocks in the sector include Apple Hospitality REIT, Inc. (APLE Quick QuoteAPLE - Free Report) , Communications Sales & Leasing, Inc. and CoreSite Realty Corporation (COR Quick QuoteCOR - Free Report) .

SL GREEN REALTY Price

SL GREEN REALTY Price | SL GREEN REALTY Quote

Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>