New York, NY - November 5, 2010, 2010- SL Green Realty Corp. (NYSE: SLG), New York City's largest owner of commercial office properties, today announced the appointment of James E. Mead to be the Company's Chief Financial Officer (CFO), effective December 1, 2010. He succeeds Gregory Hughes, who is leaving at the end of his current contract on November 30, 2010 to pursue other professional interests.
Mr. Mead, age 51, is a veteran financial executive who has worked in the commercial real estate industry for virtually his entire career. Most recently, he served from 2004 until earlier this year as CFO for Strategic Hotels and Resorts, a Chicago-based hospitality REIT specializing in high-end properties.
Early in his career, Mr. Mead served in various capacities at JP Morgan, including as Vice President, Real Estate Investment Banking. He joined the Irvine Company in 1991, where he was Vice President of Corporate Finance, and led the team that planned and executed the initial public offering for Irvine Apartment Communities. He served as that Company's Treasurer, and then as Chief Financial Officer and Corporate Secretary.
A graduate of Tulane University, Mr. Mead holds an MBA from the University of Virginia's Colgate Darden School of Business Administration.
With Mr. Hughes at the financial helm since 2004, SL Green has grown to be New York City's largest commercial office landlord and one of the REIT industry's top performers, as measured by total return to shareholders. During the past nearly seven years, the Company's combined market capitalization has grown by more than 270 percent and total return to shareholders has exceeded 97 percent.
Marc Holliday, Chief Executive Officer of SL Green, said, "We're thrilled to be able to bring in Jim Mead, a veteran executive with deep knowledge of REIT financial operations and a strong track record with other public companies. We anticipate a smooth transition, even as we lose one of the industry's great CFOs. Greg Hughes has been a key member of the industry's best executive team - a great professional colleague, a tireless manager, a successful advocate for the Company and its shareholders, and a close friend to all of us here. We certainly wish him well in his next endeavor."
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of September 30, 2010, the Company owned interests in 30 New York City office properties totaling approximately 22,324,460 square feet, making it New York's largest office landlord. In addition, at September 30, 2010, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 366,312 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the Manhattan, Brooklyn, Queens, Westchester County, Connecticut, Long Island and New Jersey office markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance and actual results or developments may materially differ, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York Metro real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York Metro area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our control, are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.
For SL Green:
Director, Investor Relations
SL Green Realty Corp.