NEW YORK, Dec 26 (Reuters) - SL Green Realty Corp cut its quarterly dividend by more than half, a move the office building owner said on Friday will help it to save about $95 million in 2009, and to take advantage of 'highly attractive investment opportunities.'
The New York-based company declared a dividend of $0.375 per common share for the quarter ended Dec. 31, payable Jan. 15. That's down from the $0.7875 per share that was paid Oct. 15, according to Reuters data.
'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,' Marc Holliday, SL Green's chief executive, said in a statement.
'Until such opportunities appear, we will continue to pay down our near term debt obligations.'
Shares of the company were little changed after the post-market announcement. They rose 3.2 percent to $27.22 on Friday, but are off more than 70 percent so far this year.
SL Green said it has paid a total of $2.7375 per share in dividends this year.
(Reporting by Jonathan Spicer; Editing by Tim Dobbyn) Keywords: SLGREEN/DIVIDEND (jonathan.spicer@thomsonreuters.com; +1-646-223-6253; Reuters Messaging: jonathan.spicer.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The New York-based company declared a dividend of $0.375 per common share for the quarter ended Dec. 31, payable Jan. 15. That's down from the $0.7875 per share that was paid Oct. 15, according to Reuters data.
'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,' Marc Holliday, SL Green's chief executive, said in a statement.
'Until such opportunities appear, we will continue to pay down our near term debt obligations.'
Shares of the company were little changed after the post-market announcement. They rose 3.2 percent to $27.22 on Friday, but are off more than 70 percent so far this year.
SL Green said it has paid a total of $2.7375 per share in dividends this year.
(Reporting by Jonathan Spicer; Editing by Tim Dobbyn) Keywords: SLGREEN/DIVIDEND (jonathan.spicer@thomsonreuters.com; +1-646-223-6253; Reuters Messaging: jonathan.spicer.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.