NEW YORK CITY-SL Green Realty Corp. said late Wednesdayafternoon that it would buy back up to $100 million of two seriesof notes issued by its Reckson Operating PartnershipLP subsidiary, a move in line with its current focus onrefinancing some of its debt. Separately, three otherREITs—Kimco Realty Corp., Equity Residential andAvalonBay Communities Inc.—announced public marketinitiatives, with Kimco making a $175-million perpetual preferredstock offering and Equity and AvalonBay pricing the offerings thatwill help finance their acquisition of Archstone Enterprise LP.

SL Green is offering to buy back all $98.6 million of theoutstanding 5.875% Reckson notes that come due in 2014, and some ofthe $275 million of outstanding 6% notes that mature in 2016. TheREIT is offering $1,035 for every $1,000 of 5.875% notes and $1,080per $1,000 of the 6% notes, with a $30 premium for tendering thenotes prior to Dec. 11. J.P. Morgan Securities LLCand Wells Fargo Securities LLC have been hired asdealer managers for the buyback.

The buyback offer follows last week’s announcement that SL Greenhad closed on a new $1.6-billion credit facility to refinance andextend a $1.5-billion facility that was put in place a yearearlier. It consists of a $1.2-billion revolving line of credit anda $400-million term loan, with an extended maturity date of March2018.