SL Green Realty Cuts Dividend, Shares Fall

Slashing dividends at real-estate trusts is the hot new thing to do; today, SL Green Realty(SLG Quote) got with the trend.

The company announced that it cut its quarterly dividend to 10 cents a share, or 40 cents on an annual basis, from 37.5 cents a share, or $1.50 a year, following the completion of the public offering of its common stock.

The news sent shares falling 5% in after-market trading to $22.02.

The company said on Monday that it has begun a public offering of at least 14.5 million shares of its common stock for general corporate purposes.

Last month, rival Boston Properties(BXP Quote) also reported that it may trim its quarterly dividend to about 50 cents to retain cash and strengthen its balance sheet. The company currently pays a dividend of 68 cents a share.