The Real Deal New York

SL Green ups annual dividend by 20 percent

Hike to $2.40 per share puts REIT in league with Boston Properties, Paramount Group

December 01, 2014 05:00PM

marc-holliday-50-West-47th-Street-gary-barnett

Marc Holliday and 50 West 47th Street

SL Green Realty is hiking its yearly dividend by 20 percent due to a surge in the landlord’s income and the signing of several new leases.

The increase to $2.40 per share is slated to take effect next month. SL Green has been gradually hiking the dividend — from 40 cents per share in 2010 to $2 per share this year. Competing real estate investment trusts such as Paramount Group, Mort Zuckerman’s Boston Properties and Anthony Malkin’s Empire State Realty Trust offer dividends that pay out about 2 percent of the share prices.

“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,” SL Green’s Andrew Mathias said in a statement.

In September, SL Green acquired the upper floors of Extell Development’s International Gem Tower in a deal worth $275 million, as reported. Mark Maurer

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