Friday evening, SL Green Realty Corp. (SLG) announced a reduction in its dividend to $0.375 per common share for the December 2008 quarter reflecting current policy to preserve internally generated cash flows.
It is to be noted that the company paid third quarter dividend of $0.7875 per share. Inclusive of the fourth quarter dividend, the company paid $2.7375 per share in dividends to its shareholders for 2008.
The New York-based company said it expects this dividend reset to help conserve nearly $95 million in 2009. This quarterly dividend is payable on January 15, 2009 to shareholders of record at the close of business on January 2, 2009.
In addition, the company stated that it expects the reset of the current dividend ensures that it will have additional capital to take advantage of the highly attractive investment opportunities that will materialize in its core market.
SL Green Realty's Board also declared dividends on Series C and D Preferred Stock for the period October 15, 2008 through and including January 14, 2009, of $0.4766 and $0.4922 per share, respectively. These dividends are payable January 15, 2009 to shareholders of record at the close of business on January 2, 2009.
SLG closed the day's session at $27.22.
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