SL Green Realty Corp. (NYSE:SLG) today reported that its board of directors increased the Company’s quarterly dividend by 52% and set a new annual dividend of $2.00 per share beginning with the fourth quarter dividend to be paid in January 2014.
Andrew Mathias, SL Green’s President, said, “Our dividend increase reflects continued positive momentum in SL Green’s earnings, cash flow and taxable income. This momentum is driven by strong results from our real estate operations, the debt and preferred equity portfolio, and a growing stream of income from the properties we purchased since 2010 that are in varying stages of development, redevelopment or releasing. While we maintain our policy of retaining as much cash as possible for reinvestment while paying out our required level of taxable income, at this stage of the Company’s growth cycle, we are pleased to be able to share our investment returns with shareholders on a current basis.”
Mr. Mathias continued, “This announcement also serves as another reminder that New York City office market fundamentals continue to improve and that SL Green is at the forefront of the market.”
About SL Green Realty Corp.SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet. This included ownership interests in 23.9 million square feet of commercial properties and debt and preferred equity investments secured by 14.9 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties totaling 3.7 million square feet in southern California.