SL Green Realty Corp has plans to increase its liquidity to $1 billion. Having the cash provides enormous amount of protection for many years to come, said Matthew DiLiberto, CFO, during the firm’s first quarter 2020 earnings call.
“In the current environment, cash is king and we have taken our desire for liquidity one step further by looking to increase our cash balances from the $580 million we had at quarter-end to at least $1 billion over the next 45 days to 60 days,” said DiLiberto. “It’s the most cash we have ever had by executing a solid plan that we have a high degree of confidence in. We actually call this the ‘Billion Dollar Plan.’”
The firm drew an additional $150 million off its credit facility in early April, bringing about $50 million of total capacity and putting the cash balance at $730 million.
DiLiberto said, “We expect to pay down the facility with other cash sources in the near term, including the pending financing of 220 Ea
