NEW YORK CITY—SL Green Realty Corp's board of directors has increased the company's quarterly dividend on its common stock and OP units by 20%, resulting in a new annual dividend of $2.40 per share.
In connection to the move, the board of directors declared the fourth quarter dividend of $0.60 per share of common stock. The dividend is payable on January 15, 2015 to shareholders of record at the close of business on January 2, 2015.
“SL Green strives to retain as much cash as possible, while distributing 100% of its taxable income, in order to take maximum advantage of market opportunities,” a spokesman tells GlobeSt.com. “That being said, earnings growth drives dividend growth, and the company is pleased to be able to deliver this increase to shareholders.”
It's worth noting that under REIT rules, companies such as SL Green have distribution requirements based on earnings.
Says SL Green president Andrew Mathias, “The momentum of our platform continues to benefit from a strong leasing market, operating results in our core and redevelopment portfolios and our debt and preferred equity program. We believe our platform is the best positioned in New York City to generate profits during this part of the real estate growth cycle.”
The board of directors also declared the regular quarterly dividend on the company's Series I Preferred Stock for the period of October 15, 2014 through and including January 14, 2015, of $0.401 per share, which is the equivalent of an annualized dividend of $1.625 per share.
The dividend will be payable January 15, 2015 to shareholders of record at the close of business on January 2, 2015.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
