SL Green Realty Corp. (NYSE: SLG) today reported that its Board of
Directors has declared a dividend of $0.375 per common share for the
quarter ending December 31, 2008. The dividend is payable on January 15,
2009 to shareholders of record at the close of business on January 2,
2009. 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 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."
The Board of Directors also declared dividends on the Company's Series C
and D Preferred Stock for the period October 15, 2008 through and
including January 14, 2009, of $0.4766 and $0.4922 per share,
respectively. Dividends are payable January 15, 2009 to shareholders of
record at the close of business on January 2, 2009. Distributions
reflect the regular quarterly dividends, which are the equivalent of an
annualized distribution of $1.9064 and $1.9688, respectively.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real
estate investment trust, or REIT, that predominantly acquires, owns,
repositions and manages Manhattan office properties. The Company is the
only publicly held REIT that specializes in this niche. As of September
30, 2008, the Company owned 30 New York City office properties totaling
approximately 23,719,200 square feet, making it New York's largest
office landlord. In addition, at September 30, 2008, SL Green held
investment interests in, among other things, eight retail properties
encompassing approximately 400,212 square feet, two development
properties encompassing approximately 363,000 square feet and two land
interests, along with ownership interests in 36 suburban assets totaling
7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester
County, Connecticut and New Jersey.
To be added to the Company’s distribution list or to obtain the latest
news releases and other Company information, please visit our website at www.slgreen.com
or contact Investor Relations at 212-216-1601.
Forward-looking Information
This press release contains forward-looking information based upon
the Company's current best judgment and expectations. Actual results
could vary from those presented herein. The risks and uncertainties
associated with forward-looking information in this release include the
strength of the commercial office real estate markets in New York,
reduced demand for office space, unanticipated increases in financing
and other costs, competitive market conditions, unanticipated
administrative costs, timing of leasing income, general and local
economic conditions, interest rates, capital and credit market
conditions, tenant or borrower bankruptcies and defaults, the
availability and cost of comprehensive insurance, including coverage for
terrorist acts, environmental, regulatory and/or safety requirements,
and other factors, which are beyond the Company's control. We undertake
no obligation to publicly update or revise any of the forward-looking
information. For further information, please refer to the Company's
filings with the Securities and Exchange Commission.
