SL Green Makes Its Own Capital with Dividend Cut

The city's largest commercial landlord had this to announce re: its fourth-quarter dividend:

[A] dividend of $0.375 per common share for the quarter ending December 31, 2008. ... Inclusive of the fourth quarter dividend, the Company paid $2.7375 per share in dividends to its shareholders for 2008.

Marc Holliday, chief executive officer of SL Green Realty Corp. stated, "Given the current capital markets environment, 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 ..."

Full release here.

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