SL Green Cuts Q4 Dividend

NEW YORK CITY—SL Green Realty Corp. on Monday announced a Q4 dividend of $0.375 per common share, down from the per-share dividend of $0.7875 in effect since Q4 2007. The REIT hopes to conserve cash via the dividend cut.

In a statement, CEO Marc Holliday says that given the present state of the current capital markets, “we have reset the dividend to reflect the company’s current policy to preserve internally generated cash flows. Looking forward, this reset will help conserve approximately $95 million for the company in 2009. Given the illiquidity of the market, the reset of the current dividend ensures that the company will have additional capital to take advantage of the highly attractive investment opportunities which we believe will materialize in our core market. Until such opportunities appear, we will continue to pay down our near term debt obligations.”