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Slashing dividends at real-estate trusts is the hot new thing to do; today,

SL Green Realty

(SLG) - Get SL Green Realty Corp. Report

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.

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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) - Get Boston Properties, Inc. Report

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.

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